Saturday, September 08, 2007

Market Reading - Friday Sep 7th PM - Bounce or no bounce ?

Here is the RUT reaching a bottom after the morning fall. A Strong MM support seems to hold, and the question is: What next? Is it time to exit short? go long?
Can we extract interesting clues from simply reading our indicators?
The next 4 commented charts should help you read the market dynamics (or lack of it actually...).
Having said that, the longer time frames (60min, daily, weekly) will certainly provide a very different picture.

(Chart 1)
(Chart 2)

(Chart 3)

(Chart 4)

The market then came to a close.