17 Jan, Market bounce

39% of US Stocks are above their 20 day average.

43% of US Stocks are above their 50 day average.

Market Bias: Slightly Positive

Predictability Confidence: Low turning Moderate

The market took a positive bounce after many days of declines.  Below we can observe the price bouncing off the bottom Bollenger band, but there is still some downside potential on the slow stochastic.

Dow Daily.JPG

The Weekly Chart (below) gives us a candlestick that pierces the 20 day moving average with the lower wick, but there is nothing on the slow stochastic to suggest that we should expect a significant rally.

So, I think it would be reasonable to expect market conditions to moderately improve sometime next week.  2 of my 5 indicators (not pictured here) are in favor of a bullish turn, however it is not yet enough for me to declare it a good entry point.