IWM
Nasdaq Comp
Dow
SP
Transports
Summary
For the SP', the daily 10MA is 1325..that will probably be down to 1323 tomorrow. Note that the 60min cycle down channel has a ceiling of around 1320.
So..more than anything right now, if we close Thursday over sp'1325...it is VERY likely that minor wave'1 has completed. Since we have a long 3 day weekend ahead, Friday trading will probably be quiet, so how we close tomorrow will be the more important day.
From a MACD (blue bar histogram) cycle perspective you can see the underlying down momentum is reducing, and we are clawing back upward. We are STILL in a negative cycle though, but if we remain just 1 or 2 days in this 1315/25 zone, that would probably be enough time to secure a floor.
Difficult trading times
Clearly, today was a rough one for many bears..and even the bulls, who have been chopped around since the Mon/Tuesday rally. I'd guess the days ahead won't be any easier. Urghhhh
My one solace right now - after what has been a pretty horrible trading day, is that there will likely be a huge wave'3 down this summer. For those that missed this initial wave'1 down, the bigger..and most profitable bearish action is yet to come.