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TOPIC: Tuesday January 27, 2015 Market Bias

Tuesday January 27, 2015 Market Bias 2 years 7 months ago #10749

  • KOSTOCKS007
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Market Phase: Warning, Market Bias: Bearish
Last Candle Pattern: Bullish Three Outside Up
P&F Pattern: Bullish Column of X's Reversal
S&P 500 Resistance: 2090 2070, Support: 1990
Bullish New Moon

I was expecting very low volume because of the Northeast Storm especially hitting New York City fairly hard, as it turns out, NYC didn't get it anywhere near as bad as as the weathermen predicted. Traders will likely be at work Today, and they will sell the news.

Durable Orders took an unexpected turn downward, we were expecting a weak number of 0.5%, but not contraction of -3.4%, ouch. Couple that with weaker than expected earnings from companies like MSFT and we have Fear and Loathing of the SPX, with the futures dropping close to 300 Dow points. Today may wind up being a bit rough and tumble after all.

Most of the European Indices are down more than 1% and It makes sense that the US will follow them down. Sadly I was wrong about volatility for Today, Buckle up folks its gonna be a wild ride. Although it would be something if the SPX held the 20 day moving average by the close. I no longer believe that will happen, but we have seen stranger things.

Oil and NatGas are still showing weakness, more so now on the demand outlook, rather than the over supply. I still believe we are closer to the bottom than the top. I would still not venture into the oil patch just yet, energy has more shaking out to do.

The only other high impact economic news expected out this week is the GDP advanced number on Friday, economists are predicting 3.4% growth, they may revise that down now due to the durable goods number. Even a strong GDP number may not stop a larger dip or correction now. We live in hope and die in dispair.
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