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
2014-10-01 – US Stock Market Averages
