January 24, 2014: Sellers return with prejudice to break prices lower as Buyers remain sidelined. Technical damage will require time to repair.
The technical damage from Friday’s decisive thrust lower and loss of multiple layers of support cannot be denied. It will require time to repair this damage while market participants search for an acceptable level entice Buyers. Although the intermediate term technical dynamics are very poor, prices are extremely short term oversold and an imminent reflex […]
Indices were very volatile to start the holiday shortened week as Buyers were unable to maintain early strength and quickly tested multiple lower support levels. Perhaps exaggerated by an east coast approaching winter storm or pent upon buying/selling orders after the holiday, but regardless of the reason, important moving average support was retained.