Today was big down day with light volume. Along with the CPC and the CPCE, the RSI and the Williams%R also turned bearish. We don't quite have a turn-around on stochastics or the advance/decline indcators.
The weekly and daily stochastics are on buy signals with the daily about ready to turn bearish with more downside market action. The 60-min is on a sell at the bottom of the range; the 30-min and 15-min stochastics are both indecisive, but are also at the bottom of the range and could turn up with some postive market action tomorrow. Guidance for tomorrow is indecisive at this time.
Once again it appears we are nearing a market turn-around into a bearish direction. There will be an announcement tomorrow about new market shorting policies, which might have an impact on market activity. In actuallity, it won't make a difference based on results from other world stock markets.
The market is anticipating bad news next week when earnings annoucements begin. Alcoa started out today with a negative earnings annoucement after the maret close, and might be a bellweather of what is to come. Should earnings fall short in the next few weeks, we will likely get a significant pullback in the market.
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