October 3rd Daily Market Comments

The lower numbers on the service sector index Today to the indexes right down to the suspected target of the 200 day moving average. Now that they are there, the 10 minute chart becomes more relevant to see if the 200 day moving average area is the place where the buying starts. This may not necessarily indicate a reversal to the upside is starting, merely showing where short covering may be occurring as well as buyers starting to add the bullish positions. Watch to see what type of signal may be created in the indexes Today. Consider taking profits on short positions, at least closing out partial positions.