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Some of the stocks I looked at tonight suggest a down day tomorrow or
down on the opening and then a close of ?
I base this on securities and even the DOW having a pull back to their
break down point and then not able to close above it, (now overhead
resistance)this would be about 7600 on the DOW and for a lot of the
securities their 200 day MOV. Looks like the securities just pulled back
to with in their bollinger bands so they are now back with in 2 standard
deviations of their mean. Now that their back with in the bands they can
once again start the march back down with out being way oversold..
I am also seeing some jap hammer candle sticks formed suggesting an end
to the 1 or 2 day upside move and a resumption back to the downside. see
TFONY.
Some reconstruction is going to need to happen before these securities
and the DOW have a base upon which to launch upwards again. So my best
guess is a intermediate trading range on the DOW from 7000 to 7600.
2 cents
JB
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