With the Bond market closed today because of Columbus Day, the market did not know where to take the cue from. Today’s close at 724.1, although below pivot, is very close to the forecasted value of 724.3 and is still above trend. Tomorrow is another narrow range day with 724.9r1, 724.4pvt and 723.5s1. The uptrend is expected to continue with at least hitting the old high of 728 again. This of course depends on the last FOMC minutes and the earning report from Alcoa tomorrow. One observation was that the lower band is rising to meet the forecasted value and a mini-correction may be in place soon to take the market down to 710ish. The momentum of total index put/call ratio rised today in synch with a rising market. However, it is also a precursor to a fall after the last phase of an up cycle.
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