Video Stock Market Technical Analysis Review 8/29/07

Today’s action gives me further confidence in the advice I have been giving for the last 5 weeks. That advice is that it is a TRADERS MARKET with a downside bias. This morning I outlined the potential for an inverted head and shoulder pattern being developed in the SPY and Qs. This pattern will take more time and the markets will have to make a higher high above the 8/24 highs before we can have confidence in the long side, until we get such confirmation, be open minded to bullish and bearish scenarios with the best trades setting up on the intraday timeframes.

If you are going to make money in this market you have to be flexible.