We have been encouraging our readers to take a cautious approach and not to chase prices up, even as prices seemed to have recovered since Jan 3.
This turned out to be a good strategy given the latest bombing news this evening that sent futures tumbling sharply.
$SPX $NDX $RUT were still searching for direction at closing today. Then came the bombing news this evening, and they all dropped sharply, and dropped a good chunk.
Even before the bombing news however, market internal indicators were turning bearish, or at least flashing yellow. This provides us with some clues as to the scale of this dip.
The full article covers:
Market Internal Indicators
Short-term Support & Resistance Levels
Market Projections and Planning Your Trades
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