WALL STREET CRAPS STOCK MARKET STRATEGY OCTOBER 26, 2019
October 26th, 2019
Comments off
STOCK MARKET STRATEGY FOR OCTOBER 26, 2019: The stock market has been rallying for 4 weeks now in a narrow channel suggesting a change of direction soon. With the internal indicators having reached “overbought” territory during this past week, I’d expect a move down the next few days with a setup for one last run to new highs before the late Fall volatility returns to finish the year.
Key underlying short-term timing indicators show the following:
- NYSE McClellan Oscillator – Ultimate Indicator – 61 (neutral)
- Nasdaq McClellan Oscillator – Ultimate Indicator – 56 (neutral)
- Volatility Indicator – Ultimate Indicator – 67 (neutral)
- Dow Transportation Index – Money Flow Indicator – 81 (overbought)
***********
THE BOTTOM LINE: The stock market has already made an internal top with the market likely to dip for a few days before going to new highs during the second week on November. Be ready for a quick dip buy point this coming week for a ride up.