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Fighting to Remain Alive ...

We can notice two important things from yesterday's session:

  • we had an important reversal day, and the market printed a 'doji'
  • the market struggles to remain above the green line

We stick to our view that the green uptrend is crucial, and we expect a sharp acceleration to the downside if/when this major support breaks.

Sigma Whole Market Index

The Sigma Trend Index is unchanged at '-2'. Other indicators are at '3', in neutral territory.

Without a Swing or a Power Level (PL) at '2' (or '1'), it is too early to say that a trend reversal is in place.

Sigma Table

The Breadth index continues to slide, declining from '-2' to '-4'. This situation underlines that market's dynamic is weakening.

Market Breadth


Conclusion:

Market is on a major support, we expect a sharp acceleration to the downside if/when this major support breaks.

Looking at our indicators, we can notice that market internals continue to weaken.

So, we believe that those supports won't resist to market pressure.

For those of you interested in our intraday move, you can visit our site during the day: we post all our trades in real time. You can also subscribe to our twitter account (@SigmaTradingOsc), it is free and you are updated on our latest view/trades.

Short term position:
- short 1 NDX at 2785.76
- short 1 CAC at 3428.79

Medium term positions:
- short 2 SPX at 1336.99
- short 1 NDX at 2578.46
- short 1.5 CAC at 3103.87

 

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