Safe Investing – Market Outlook UPDATE

Market Outlook Update for the Week of September 28th = UnConfirmed Downtrend

Market Commentary
The high volume selling over the past few days was enough for William O’Neil’s Big Picture analysis to switch gears from an uptrend under pressure to a full blown correction.

From an Elliott Wave perspective, the magic number for confirming a downtrend was S&P 1,973.  At yesterday’s close, the S&P sat at 1,972, which was too close to call.  But today’s drop made quick work of any uncertainty regarding a correction, as the S&P violated yet another key mid-term pricing level.

Needless to say, now is NOT the time to buy stocks or use margin.

Elliott Wave Analysis from Elliott Wave Update by Tony Caldaro

Candlestick charts of US stock markets

2014-10-01 – US Stock Market Averages

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