THE 11TH HOUR: TREAD CAREFULLY OVER THE NEXT FEW DAYS
In looking at futures trading overnight, I'm seeing a move down of some 10 points on the S&P 500.
I am expecting the next few days to be down, with a possible close below 1140 occurring within the next few days. In yesterday's assessment of the market, I did mention a close below 1140 as being the first signal that we are about to test and more than likely break the August lows. We closed at 1172 today. As mentioned previously, violent ranges always finish in a symphony of violence.
I'm not one for playing multi-day mini trends in the market, which is why I am choosing to stay out of stocks until an intermediate term long opportunity arrives. I believe it could be approaching by the end of the week or early next week. I will post an update as soon as a position is taken.
The strong possibility exists of some substantial downside volatility over the next few days. Tread carefully.
