Friday, January 16, 2015

Support Holds

The major indices all are showing the same thing on the daily charts. Support is holding, but it's tested for the third time in one month and all indices made lower highs. That's a bearish scenario, but it's only confirmed when/if support breaks. Right now, a bounce play seems to be working out. Are we going up again to last year highs, or is this a dead cat bounce before we make new lows?

Have a great weekend and remember, Monday is Martin Luther King Day, market will be closed!

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