Market commentary for 12/23/2008
Good day!
Monday opened with small gap up what was filled right after the open. Rest of the day we saw selling trend action except bounce after 15:30 pm ET reversal period. Weekly bear flag has setup and for now that will be direction what I will follow next days, depend on the action. Volume was not strong and indices reached first daily support area what we can see on the daily chart. If we look at 60 min charts we can see that Monday action was second selling wave from highs and charts right now suggest for correction what I will expect at Tuesday. After trend day or strong move, next day we always can expect correction. Right now we can’t know what kind of correction we will see, but if will be intraday possibilities we can look for intraday long trades (scalps, day trades) and there will be my focus. Main bias still remain bearish and swing setups still look ok. I will follow them for another short possibility what is always good opportunity to add positions. Since we got three selling days on the daily charts odds for few correction days are open.
Good day!
Monday opened with small gap up what was filled right after the open. Rest of the day we saw selling trend action except bounce after 15:30 pm ET reversal period. Weekly bear flag has setup and for now that will be direction what I will follow next days, depend on the action. Volume was not strong and indices reached first daily support area what we can see on the daily chart. If we look at 60 min charts we can see that Monday action was second selling wave from highs and charts right now suggest for correction what I will expect at Tuesday. After trend day or strong move, next day we always can expect correction. Right now we can’t know what kind of correction we will see, but if will be intraday possibilities we can look for intraday long trades (scalps, day trades) and there will be my focus. Main bias still remain bearish and swing setups still look ok. I will follow them for another short possibility what is always good opportunity to add positions. Since we got three selling days on the daily charts odds for few correction days are open.
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