August 22, 2017

Short-Term Bearish Move Increases

The last of the major indices, the Dow (DIA), closed its 8/11 gap today and now all of the major benchmarks plus the ETFs (20+) that I follow (mentioned weekly in my subscribers only report) have moved into a short-term overbought to very overbought state. Couple this with seasonal weakness ahead (the next eight trading days are historically very weak on a seasonal basis) and another unclosed gap and I think we could see another short-term reprieve right around the corner.

I am currently looking at a few potential trades that have come across my radar which could come to fruition as early as tomorrow, so suscbribers be aware of a real-time trade alert coming your way.

I might have more on the current state of the market later this evening (if time permits).

I hope all of you are having a wonderful start to your week.