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Market Direction: Long Term and Short Term SMA’s Are On A Collision Course

October 31, 2008 1:22 PM

The market is in a holding pattern right now. For today it is clearly leery of Wednesday’s highs. The bigger picture is this: The long term moving averages and the shorter term moving averages that I watch are growing ever closer. The short term charts say any weakness should be contained above 9000 on the Dow. Long term chart says 9600 right now may be an issue. Something is going to have to give in the next couple of days or less.

If we pop above Wednesday’s high here, the action should get going and we may see big moves again. Longer term i am still very skeptical of this move as we still have zero firm numbers to be long this major move. I just cannot say where we are headed here with any degree of certainty. Probably why the market is in a very tight range today.

Written by Tom@StockBlade.com · Filed Under General Investing/Trading Commentary 

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