with
permit from market volume
Short Term (lasts a few hours to a few
days): In our short term of the last session, we mentioned that ""The
trend has been that the markets will move lower in order to generate more
buying volume before moving higher and a continuation of this would not be out
of the question."
Our forward looking thought is that the possibility remains for the index to
continue this pattern as it did today. The longer it does continue this
pattern, the more the chances will increase that the trend will be higher in
the future but for the short term the index may be weaker than stronger."
Today's trading aligned with this outlook, the markets moved lower and
generated large surges of buying volume before responding to these surges and
moving higher.
The possibility is that the index will continue to trade relatively close to
these levels, it may move, then rally higher and end up relatively unchanged.
The trend lower is still the one that is dominate, however a change may be
occurring. There may be high volatility as today's greater than 2% intra-day
move can attest to.