When I say “stock market prediction” I do not necessarily mean predicting where it ends up. Just trying to assess the direction of the market. Yesterday, I called the market to go up based on all of my technical indicators pointing up.
Today the picture is not as clear as it was yesterday. I see a weakness in the trend. Well, the whole market is still weak. People refuse to believe in this market and yes, we still may see a return back down into the range or stay range bound in this new level.
The picture above says it all. We had a nice move, but the indicators are weakening. The trend shows a sell signal and it is turning down. MACD is also weakening and turning down. However, this chart indicates more intraday trend and not a day trend on 1 year basis.
The longer based chart shows a different picture though. We are still in nice uptrend and all technical indicators are still bullish. No reversal whatsoever.
Based on that I think the market will show some weakness, maybe in the morning, but at the end it will end up.
If weakness, what to expect?
If we go down, it may happen in the morning to continue a trend from the end of today’s session and we may go down to 2128 level or a bit below it to 2126 level. Then we may reverse back up and go higher. In the worst case scenario, we may re-test 2124 level.
Although in this market, everything can happen, I expect weakness, but move higher at the end.
In the commodities market, the 10 20 and 50 days are sideways for pork. Do you see an uptrend under current trade “possible tariffs”?
I am not sure where the markets would go next. Over the next 20 years they will go up, tomorrow? I do not know.