The Sell-Off That Almost Was….Here’s some of my market musings
I guess Wednesday will simply go down as a “scare” for the market and nothing more because right now the market is acting like nothing ever happened. Instead it is desperate to get back to the consolidation area just below all-time highs so it can resume sideways trading action.
I hope I am wrong on that, because a more aggressive trend to follow might be a nice little treat from the market.
For now, I have added three long positions to the portfolio and no longer have my short position from the Wednesday sell-off.
As for the SharePlanner Reversal Indicator below, it pretty much nailed the sell-off when it signaled the likelihood for one off in the coming days. I personally thought we would see more of a sideways consolidation pattern, where the market pulls back through time rather than through price. That may still be the case, if this sell-off is nothing more than just a one-hit wonder.
Here’s the SharePlanner Reversal Indicator
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