The collision of global markets and social mood

Tuesday, April 29, 2014

Still Corrective

Even with yesterday's lower low, the scenario stays the same. 1878.61 was never breached. And even with the sharp probe lower (when I was out doing errands), the gap at 1842.98 was not filled. So unless the upper target is exceeded, pressure will remain to the downside, though it is appearing to weaken. The structure still appears corrective. The bottom line is that lower prices could still occur, but I'm starting to have my doubts about them.

There is ample chatter about the high number of Tuesday advances over the past year. Once again, the market is not a machine; it's an ever changing sea of human emotions. Just when the quants think it always does something, it can do another thing.

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