Market Direction Morning Comment

My apologies for not providing posts yesterday including my evening market direction outlook. I spent most of the day working on articles for various members who are having trouble with their positions. I will be posting those articles shortly.

Market Direction opened lower this morning but investors who are following the market timing technical indicators I use, would have seen that yesterday’s push back in market direction was really nothing more than a little rally off the 50 period. A lot of the rally was investors who were short the market and bought back positions when the market did not sell off first thing.

Market Direction Timing Indicators

Below are the market timing indicators from yesterday. You can see that despite the rally back yesterday, all the indicators were unimpressed except for the Ultimate Oscillator which went neutral. The majority market timing indicators were negative and MACD which signaled market down on Sept 25, was even more negative on Monday despite the rally.

Market Direction outlook for Wed Oct 23 2012

Market Direction Outlook

Only 1 market timing indicator yesterday was neutral. All the other iondicators were unimpressed with Monday’s rally and the Fast Stochastic shows very bearish for Tuesday. Meanwhile the slow stochastic is still bearish which indicates lower prices are still ahead for the market.