Be careful of the bounce, keep in mind, during an uptrend it is not unusual to see selling in the morning followed by the continuation of the uptrend later in the day. The same scenario needs to be watched in the current market trend, it is not unusual during the downtrend’s to see buying in the morning and selling in the latter part of the day. Before attempting to establish any long positions, wait to see if there’s going to be continued buying going into the close. The 50 day moving average still remains a viable target to the downside.
November 16th Daily Market Comments
Be careful of the bounce, keep in mind, during an uptrend it is not unusual to see selling in the morning followed by the continuation of the uptrend later in the day. The same scenario needs to be watched in the current market trend, it is not unusual during the downtrend’s to see buying in the morning and selling in the latter part of the day. Before attempting to establish any long positions, wait to see if there’s going to be continued buying going into the close. The 50 day moving average still remains a viable target to the downside.