You are currently browsing the The MPT Rating weblog archives for the day 13. August 2008.
13. August 2008 by admin.
Wednesday,
The market sell off bounced mid day but failed to show any strength to advance and hold a gain… will tomorrow be better? I would not count on much from the markets at these levels.
The DJIA lost 109 points for the day, the candlestick formation (hammer) could try to advance tomorrow, but the technical warning signs of an upcoming drop are well signaled on the chart. Today’s sell off again pierced the up trend line the market has been dancing on and this is telling us that there is an up-coming fall in the future.
The NASDAQ shows an attempt at a base today with its candlestick but the end of the story remains the short-term over bought conditions… the market’s upside from this point is very limited, and the safer bet is in favor of a sell off.
Today’s MPT (Market Power Trend) Rating, which tells us what “Smart Money” is doing in the market and where support/resistance is came in at (02); this indicates we are likely to fall lower before attempting to bounce higher in the overall markets. And as consistently shown there is no “Smart Money” buying going into these pullbacks in anticipation of a long lasted bullish rally – in fact “Smart Money” is selling the rallies in equities.
As Always; Be Smart, Be Patient, & You Will Be Successful.
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