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ARE WE LOSING MOMENTUM?
richard
blog
Wow, we lost a lot of momentum today. In my previous article I illustrated why we might test the 200 day moving-average, but after today’s low volume I’m not as confident. Traders are becoming more cautious heading into Wednesday’s Fed meeting, today’s low volume is bad news for the bulls. Is the inverted head and shoulders pattern going to trigger? We are still at resistance and it will take a lot for us to push past this mark. We still have a chance to break above 1400 tomorrow but an end to our technical bounce is more likely.
If we are unable to pull through by noon of tomorrow, a sell off may begin. Again today’s volume was lower than usual…what’s worse is that we got more volume as we sold off right before the close. With the GDP results being released at 8:30am on the 30th, and FOMC at 2:15pm, what good news could there possibly be? We are at a critical point in the markets right now…be alert, we could shoot up or down from here. Wait for a confirmation and keep tight stop losses in place on all your long positions. I will likely consider taking profits in my long positions tomorrow afternoon if volume continues to be weak.
But with that said, keep this is mind:
“From watching CNBC’s ‘Fast Money’ tonight it seems that everybody thinks the market is set up to roll over here. That sentiment alone makes me think we’re headed higher. On-Balance Volume on the S&P 500 is hinting at an upside move too. As always, time will tell…” (Trader Mike)
April 29th, 2008 at 6:49 am
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