Monday, August 23, 2010

Not looking good for the bulls

The market made the highs of the day within the first 15 minutes of the trading session and ended at the lows of the day. If I was forced to pick out a positive for the bulls today, then it would be that the support levels I pointed out yesterday still hold. In fact, the bears kinda missed an opportunity to drag the market lower today, with all the negative sentiment surrounding the housing data due tomorrow. No wonder the futures are down a decent bit as I write this. Here are the updated charts for the various indices with the next important support levels written on them.

With all this talk about the markets being oversold out there, I will be back later with a post checking whether the markets are actually at oversold levels.

I leave with a questions for all you readers - If everybody expects the markets to fall, does the market actually fall? What say you??

Take care and good luck! Trade small and take profits when you can.

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