Market Downtrend - An Update - John Rothe | Portfolio Manager, Quant, Tech Geek, And Sometime Superhero To My Kids

Market Downtrend – An Update

Quick afternoon update.

The past three days have been very bullish and are now testing the upper limit of the downtrend channel. When the market hits a point like this, I like to take a look at the Point and Figure chart:

click on chart to enlarge

If the market can trade above the 1170 area, then I would start to look for a stronger market rebound.

However, I am concerned about the current three day rise, as volume still looks low. Seems most traders are watching and not participating in this rally – leading me to believe this may be a short term event.

 

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