The Bears tried to come out early in the first hour of trading and snag a quick victory, but by lunch time the market had rejected the lows and began consolidating. After lunch the Bulls had fed on the Bears and maintained control for the remainder of the day.
Here are some 15 minute price performance percentage charts with Fibonacci levels drawn in from the Oct 2nd swing low to the Oct 21st swing high.
The Transports show the most weakness of the big three. However, the Bears got rejected just above the 50% Fibonacci level and from that point on the Bulls took over with a solid close above 38.2% closing with a 30.26% retracement below the previous swing high.
The NASDAQ was stronger rejecting the Bears right at the 38.2% Fibonacci level, not even stopping to say hi to 23.6% and closing with a 17.40% retracement below the previous swing high.
The S&P 500 displayed the most strength bouncing off a 30% retracement, then tinkering with 23.6% before closing at 10.36% down from the previous swing high.
While the Dollar did try to make a bid, it ended up closing just 4.34% above the previous swing low, therefore not confirming stocks are ready to pull back just yet.
But one day does not a market make. However, from today to the previous 3 waves going back to July 8th, we have had 10 Green and 5 Red Fridays, so I'll be curious to see how tomorrow plays out...
Cheers... JTH
Here are some 15 minute price performance percentage charts with Fibonacci levels drawn in from the Oct 2nd swing low to the Oct 21st swing high.
The Transports show the most weakness of the big three. However, the Bears got rejected just above the 50% Fibonacci level and from that point on the Bulls took over with a solid close above 38.2% closing with a 30.26% retracement below the previous swing high.
The NASDAQ was stronger rejecting the Bears right at the 38.2% Fibonacci level, not even stopping to say hi to 23.6% and closing with a 17.40% retracement below the previous swing high.
The S&P 500 displayed the most strength bouncing off a 30% retracement, then tinkering with 23.6% before closing at 10.36% down from the previous swing high.
While the Dollar did try to make a bid, it ended up closing just 4.34% above the previous swing low, therefore not confirming stocks are ready to pull back just yet.
But one day does not a market make. However, from today to the previous 3 waves going back to July 8th, we have had 10 Green and 5 Red Fridays, so I'll be curious to see how tomorrow plays out...
Cheers... JTH
