On Tuesday, major indexes climbed early. Then, the Fed's statement appeared to disappoint the market. Investors seemed to change their minds as indexes surged in the final hour of tradiing. Volume surged across the board.
A 1-day rally does not erase the technicall and fundamental concerns. The vast majority of stocks are BELOW the 200dMA suggesting a BEARISH climate.
This morning, futures are pointing to a LOWER opening.
After numerous selling sessions, we anticipate snap-back rallys. However, investors may possibly use any market strength to sell positions in an effort to offset losses.
Selective Chartists Positions (with BUY price): NONE 100% CASH
Hansen Natural (HANS)
Dow 30 (NYSEARCA:DXD)
ProShares Short Dow 30 (NYSEARCA:DOG)
ProShares Short S&P 500 (NYSEARCA:SH)
SP 500 (NYSEARCA:SDS)
View the charts:
Major indexes BELOW 50 & 200dMA and strongest stocks close / meeting the CRITERIA.