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Tomorrow and Thursday are Near Impulse forecast
dates for SPY and most of the market indexes. These two dates originate
from opposite turning points, one from a previous low and one from a previous
high. Usually this indicates a very volatile two days with mid-day turns. We are
also at price levels which usually terminate the shorter term correction in
a longer term bear move. On the positive side I did not get sell signals on
today's activity for the indexes or the 200 stocks I follow but tomorrow may
yield a sell signal after the Fed announcement.
This is an important two days in the future
development of the market. If we get through this without a major bearish
impulse and continue up to the bullish reversal areas, it bodes well for the
next few weeks. If, however, the reversal occurs , we could see another major
leg down. Short term traders be careful and position traders should protect
profits with stops.
Regards,
Jim White
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