“The Treasurys market turned a solid day into a late-session rally after a report in The Wall Street Journal reiterating the Federal Reserve’s commitment to low short-term interest rates sent investors into buying mode…reporter Jon Hilsenrath, said the Fed is expected to reiterate its commitment to keeping short-term interest rates low until the unemployment rate falls to a target of 6.5%. The Fed has long made that point, but markets had begun to price in a shorter time horizon.” Story at…
Story at http://globaleconomicanalysis.blogspot.com/#fRKO7dbPgLEMhIRO.99
Thursday, the S&P 500 was down at the open; bounced off the previous low of 1608 and closed up about 1.5% to 1636 (rounded).
The S&P 500 is also at its upper down-trend line so further moves to the upside would indicate that the trend is switching up. This pattern is the same one (with the same stats) that we saw 7 June. (see “Correction Over?” at http://navigatethestockmarket.blogspot.com/2013/06/correction-over.html)
My feeling is also the same. I think we continue down…no guarantees.
The NTSM system sold at 1575 on 16 April. (This is just another reminder that I should follow the NTSM analysis and not act emotionally – I am under-performing my own system by about 2%!)