Penny For Your Thoughts – September 24th, 2015

By September 25, 2015 Market Analysis No Comments

September 17th, 2015 secondary top is still in effect.

Today stocks markets tried to recover initial loss. However markets closed below resistances levels.
When this happens the recovery just fades and next day new downward move starts.

Tomorrow is big day for the market from timing perspective. Just like September 15-17 date range mentioned earlier was important and markets topped out on September 17th (again).

Today Dow Jones closed at 16201. Tomorrow if it closes below 16,280 then another bearish signal.
S&P closed at 1932. Tomorrow if it closes below 1937 than another bearish signal.

Russell 2000 is also bearish. It is NASDAQ 100 which is kinda neutral. However it has been gapping down frequently these days.

The high of September 17th is still showing its effects on NASDAQ and other indices.

The low of 1867 in S&P is expected to be broken to downside then there is this October low of 1820. To me it looks like even 1820 will be broken and then traders will expect 1740-1750 level. However, it could be that a low will be made at 1795-1797 and then markets stabilize and starts to move up.

After September 25th next dates to watch are October 1st, October 10th. Since October 10th is Saturday so we need to watch October 9th and October 12th.

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