HGSI DOC Top Down Review 8.9.2015
The market is at a critical junction as the ES and NQ are at major support, the DOW and RUT have dropped below their 200 day MA while breadth continues to narrow.
The market is getting increasingly oversold in short term and the DOW has been down 7 days in a row.
Thus I have broken my thoughts into short and longer term. I am expecting a bounce early in the week but in this quiet period of August I am not expecting much of a rally. The question is whether the ES / NQ take us higher or do the RUT and DOW bring the market down with them
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