Market Map for Mar03 Posted: March 3rd, 2009
Author: Mike Korell
One-Day Market Map »
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Thanks again, Mike!
Folks, my feeling is that today's ChartsEdge map is likely to "work" well not only in terms of timing but also trend direction. But having said that, we've got to remember their instruction for these maps - that they are not meant to show trend direction, just intraday cycle timing.
So my comment is partly based on seeing how this map "fits in" with the ChartsEdge weekly forecast (posted over the weekend - if you don't see it below, use the "ChartsEdge weekly" label at right to find it) which had looked like today would be stronger too, followed by a low point Wednesday. And also the charts and indicators discussed yesterday evening here in the charts roundup.
If the banking index moves above yesterday's high - which IS a tall order, so to speak - on good volume, it doesn't necessarily mean that ALL banks will participate to the same extent in a potential trend reversal. Plus, even if the banking index (and the exchange-traded funds like KBE) can print out a trend reversal, it doesn't mean "the low" is in for the broader indices.
Same goes for oil - IF it is able to print out a trend reversal pattern by movingly strongly higher on good volume - then once again, it doesn't mean "the low" is in for the broad indices.
As always - be careful out there, and happy trading!
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