Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Tuesday, August 31, 2010

Still holding S&P 1040

click on images above to enlarge

The market continued sideways showing support at S&P 1040 versus the downhill black channel (lower charts, row 2) that continues to put down pressure on the market, but tomorrow or Thursday either the 1040 level will be lost or we will break out of the black downhill channel as the intersection of these two come to a point and force a pivot one way or the other.  Nothing else in either chart cluster is really showing us market direction tonight.  When the black downhill channel squeezes the price down smaller as the channel crosses the 1040 level red line, we should get a decisive market direction quickly.  This could happen late tomorrow afternoon but if not the market should be forced to take one direction or the other on Thursday,  but may end up getting stuck drifting sideways into Friday morning because everyone will want to see Friday morning's payroll numbers, that's an important one.  Until Friday it might get a little boring.


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