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Daily: Is The Market Able to Bounce Back From Here?

Looking at the chart, it seems obvious that this move is not impulsive and as long as the market remains above the two pink lines, a new high remains possible.

Sigma Whole Market Index

Looking at our indicators, there is no sign of impulse, both the Swing and the Power Level (PL) are neutral at '3'.

The Sigma Trend Index is close to zero, so we have to mnitor if the market is able to bounce back from here.

Sigma Trend Index

As none of the stops has been reached on our short term model (1526.97 on SPX and 2758.13 on NDX), it remains in 'buy' mode (at this stage) for both the NDX and the SPX:

SPX Trading Table

NDX Trading Table


Conclusion:

Current move doesn't look like an impulse move, and this situation is confirmed by our indicators. In this context, we don't want to have a short term short position and we will close our short term short on the CAC40 at market open.

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 positions:
- short 1/2 CAC at 3852.02

Medium term positions:
- short 3 SPX at 1446.09
- Short 1 NDX at 2758.8
- short 2 CAC at 3251.07

 

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