Morning brief

Sorry for not being able to post last night.

To recall, I called for a pivot day Tuesday which was yesterday. It began strong, only to see it U turn and close lower by the end of the day. My pivot day still remains (plus minus one day) and in the very least, the market is due for a technical rebound.

However the downside is that the bullish momentum was weaked by the price action over the past few days. What I would like to see today is some confirmation on several indicators. I will then do another market outlook update and decide if I will be lowering my price target for this rebound. At the moment I have lowered it already but I need some confirmation on several indications to calculate what’s happening. I will blog them out soon.

I am looking for key support turn resistance to be cleared today. That line is seen from Monday’s chart. For the bulls, they will be looking at Tuesday’s price action being a whipsaw. For the bears they could be looking to enter more shorts at this very same resistance level. My stance is that it is likely we will still see a fast yet short rebound. Sell into strength. I will add long positions only when a certain level is cleared. A level that I cannot see the STI breaking out at this point.

Back after market closes!