SHORT TERM: market continues its stability
Asian markets, overnight, followed the downdraft in the U.S., selling off over 2%. The European markets opened lower, but held firm and actually turned higher by 0.5% as our stock indices were preparing to open. As a result we gapped up at the opening, holding support, and responding to the short term oversold levels mentioned yesterday. Thus far, we’re up about 0.5% as well. The minutes to the May 10th FOMC meeting will released at 2PM today. This should add to the current rally, as the market rebounds from the lows established a week ago. Short term momentum continues to be oversold and the EW support pivots mentioned in the previous post held quite well as the first level of resistance is currently being tested. Took a good look at the international stock indices last night, and there hasn’t been any technical damage to the bullish scenario, here or anywhere. Therefore, I continue to ride out the current correction awaiting the next buying opportunity. Best to your opportunities!
INTERMEDIATE TERM: downtrend
LONG TERM: bullish