Hi Everyone
No surprises with the market action today – the OVI has been pointing the way for a while now, and the charts have been wobbly too.
Before I give more details, please do folllow me on Twitter as I’ll be posting short tweets regularly there once the new Private Traders Club site is up and running.
My Twitter ID is: @GuyKCohen
Ok, so let’s talk more about these pesky markets!
In actual fact they’re not pesky at all … they’re behaving very predictably right now. I mentioned a few days ago they were looking precarious and that is proving to be the case.
The QQQQ is currently testing the support level shown by the dotted red line:
Same goes for the S&P (SPY)
The Dow is doggedly clinging onto a positive OVI reading so I’m not yet 100% convinced this is the big fall we’ve been expecting in the markets.
It’ll come, that I am certain of … but we may have just one last Hoorah before it comes.
More soon …
All the best
Guy