Today’s action should give us a buying opportunity with a week
or two.
The market has been going sideways for the last few weeks in a
very tight range. It did look extended but with today’s price action we need to
watch if we will get a buying opportunity in a week or so. Wait for the short
term signal to give a buying opportunity (become less extended) before buying. It
is not there today but the process of reaching a short term buying opportunity
has started.
As we have been saying the price chart of S&P500 index shows
the medium and short term signal on the market is a buy but the long term
signal on the market is still a sell. This information is displayed on the left
side bar under “Market Trend”.
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