Note the chart below shows a consolidation pattern and a close above it. The key now is to get a close above the 20ma on the intra day. Should that happen, more upside is likely. The first step is in, let’s see if it can complete the move with the second step. Should this happen, markets may close flat to positive. However, if the markets fail on this move and close back below the up sloping trend line, the markets will head for the lows of the day. Truly an amazing wild day in the markets. Also note that the VIX was never confirming the move down today.
Gareth Soloway
InTheMoneyStocks.com
