Thursday, July 28, 2011

Wednesday 7/28/11 Market Update

The market bounced, then continued lower today as expected in yesterday's update. The market is running out of momentum to the downside in the short term at the same time an impulse lower may be complete since 7/22.

The July low was not taken out today, but given that there were 5 waves lower today and yesterday's low was exceeded, a bottom is possible.

In the longer term, the action since February still looks corrective in nature. A sell-off under 1250 could prove to be bearish, but eve then a double since February may be preferred.

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