This market is completely news-driven, better say sentiment-driven, because as of now, there are no news but negative sentiment and fear about a recession which may not even come at all. After some initial positive upward movement in the morning, the market quickly turned negative and ended down 0.9%. And the future do not look any better. All our indicators are pointing down, so tomorrow, I expect a down day.
My trend forecast also indicates a gloomy day tomorrow. We probably open down with a gap and then go lower until about noon and have an end of the day rally:
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Of course, the forecast is just that, not a prediction. Other indicators must confirm it, and any news during the day may turn the market around, and no prediction can capture it. I do not have a crystal ball, I just use math. And so far, all indicators confirm the trend forecast. There is no news planned to come out that would shake the market (Housing data coming out and they should show a decline). That means I do not expect any catalyst that would change the forecasted trend. Expect further selling tomorrow.
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