The market sold off hard after the Fed announcement, which was to be expected for the most part. Most knew what was coming, and today was a classic sell on the news event. It doesn't, however, mean that a resumption of the intermediate downtrend is a given.
The 12ma of the Qs is crossing up the 50ma, which has been followed by a positive resolution each time it has occurred this year. Even if the selling lasts a few days like it did in early April at least a rally attempt should follow if not rally highs. The TRIN closed above 4.0 today suggesting the selling is already a bit overdone, and the McClellan Oscillator is quickly moving to oversold territory.
There are some tempting short setups. They may work out, but I think it is premature to be thinking that way. Patience for a renewal of the uptrend may be the best bet until there is a lower high in the Qs.
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