Monday may be unpleasant for bulls

My last update earlier in the week had the indexes falling away from the down-trending moving averages. Since that update prices have tried to recover in what looked like a bounce from support. As I write this the Sunday evening session has the Dow down 315, the S&P down 43, and the Nasdaq 100 down 48, with gold and the Euro up sharply. The financial news that comes out when markets are closed makes it very difficult to use indicators on the daily charts. All I can say at this point is the trend is down. I pointed out in the last post that the weekly double stochastic had just turned down from the overbought area, indicating room to move on the downside. It will be interesting to see if the Fed comes in with some plan to change the outlook for the session on Monday. If not, fasten your seat belts.

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