October 17th Daily Market Comments

As anticipated, after the large bullish move in the markets yesterday, profit-taking is in progress. Is Today’s trading profit-taking or a failure of the uptrend to start? A very easy trading strategy can be put into place. Today, watch the 10 minute chart. If there becomes an area where the movement of the markets start showing support on the 10 minute chart, aggressive buyers can start stepping in with the anticipation that yesterday’s bullish candlestick signals are still in effect. It will be important to see where the indexes close Today. Profit-taking would be indicated with the indexes closing near the high end of their trading range.