21 August 2013

SP 500 and NDX Futures Daily Charts

The FOMC brought a little more action today to the downside although they did not say all that much which is new.

I figure we will follow the downside momentum on the SP futures to the bottom of the uptrending channel with an overshoot, maybe for one day or intraday. So we have a little more downside to go, and then we might see a bounce on Friday into the weekend, or next week.

If stocks keep going and take out that uptrending channel and exceed the 50% retracement by quite a bit then we might be in for a real trend change, although August seems early.