The outlook for stocks for Tuesday was basically, whatever happens in China will be the catalyst. The Shanghai Composite Index rose over 2% on possibly government capital being spent on equities or so the rumor went. European equities were also higher for the most part. This pushed the futures higher for the open on Tuesday and by the close the indexes were near the highs for the day.
Twice during the day I looked at the intraday chart and felt that the S&P would close around the 1950 level. Instead the index surged in the last hour of trading to close almost 20 points higher just below 1970 marking one of the better rally days this year. Only two other days had stronger rallies than today’s. So is the correction over? What should we expect now that instead of seeing selling into the close of trading on Tuesday, we saw buying……the rest of this article is for FullyInformed USA Members.
I have moved the market direction outlook for Wednesday Sep 9 to the members site in order to discuss some key aspects on whether this correction has indeed bottomed.
Members Only Market Direction Outlook for Sep 9 2015
The Market Direction Outlook notes for Sep 9 are for members for the reasons explained above. FullyInformed USA Members can read the latest Market Direction Outlook and review trade ideas directly through this link. Members can also sign in to the full USA site here. Non-members can join here or read about the benefits of a membership.
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