Sunday, October 21, 2012

Market Analysis Week of OCT 22

This is not the time to be buying. I'm looking for a confirmation of some solid buying before I step in long. If we continue to see lower prices I will consider many short opportunities I'm setting up.
A sideways moving transports is printing lower lows. This could be trouble for the markets. Watch the 50ma level to hold. If not this could be a rollover which would NOT be good for the rest of the market.
Right on support with a big volume down day. Next stop the 200ma if we see more downside. 
Broke through support, looking very weak after consecutive lower highs and big selling vol. Not the place to be.

Resting on support. Trading in tandem with the fib retracement scale. The selling vol and lower highs suggest this downward move could be just getting started.

Closing right on lower support. Lower highs and big selling volume could mean more downside for the small caps.

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