The outlook for Wednesday was for the market to enter some turbulence. Nothing can go straight up and there were many signs yesterday after the close that pointed to the action we saw today with stocks selling lower mid-morning to the point where the early morning gains were completely wiped out. Then the comeback rally to 2:00 PM which set a lower high but once again close to the 2000 level. That led to more selling which pushed the index back below 1990 and then more buying into the close which set yet a third attempt in motion to retake the 2000 level. The first attempt in the morning to retake the 2000 level saw the S&P reach 1999.31. The second attempt ended at 1996.02 and the final attempt at the close of the day saw the S&P at 1995.83. All in all an exciting day. 200 was bound to be resistance and it proved that today.
Market Direction Closings For Wednesday Oct 7 2015
Markets closed near their highs on Wednesday. The S&P closed at 1995.83 up 15.91. The DOW closed at 16,912.29 up 122.10 and closing in on 17000.. The NASDAQ closed at 4791.15 up 42.79 after reversing a dramatic morning sell-off that took the NASDAQ down to 4728.71.
Tonight’s market direction outlook is expanded to include trading tips and suggestions as the volatility of the markets today requires a more indepth review that is beyond the scope of the usual market direction outlook. It is moved to the market direction outlook for Members category to tie in its contents with various trade opportunities and to assist in understanding the outlook and what members should expect in the remaining days for this week.
Members Only Market Direction Outlook for Thursday Oct 8 2015
The Market Direction Outlook for Oct 8 is 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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