Friday, October 2, 2015
SPX and TRAN: TRAN May Point to Intermediate Trouble
The next couple sessions appear to be a huge near-term inflection point for the market, and the reaction from futures to today's job report keeps bear hopes alive.
Below is a closer look at the short term waves:
From an intermediate standpoint (no matter what happens for the near-term), TRAN's pattern suggests that until TRAN breaks out over the recent swing high, it's probably prudent to maintain a big-picture bearish stance:
In conclusion, there appear to be a lot of marbles riding on the next few sessions, and the levels to watch seem reasonably clear. Trade safe.
Posted by PretzelLogic at 3:32 AM