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Daily Directional Forecast:

Mohan's Market Force Daily Directional Forecast
by Mohan

Market Force: Neutral/Bullish. Watching now for prices to stabalize and start to push back higher above 1065.00. Due to early Bernanke testimony to the House Financial Commitee: no Intra Day Swing Trades recommended.

Recap of Wednesday's Action:

Good morning and welcome to Thursday's trading action.

In our briefing on Wednesday I had stated in the Value Area section that:

"Trade holding under 1055.00 will most likely run under the Key 1052 pivot today and make a scarry pullback lower."

This is exactly what occured on Wednesday as prices retreated under 1055.00 after the opening and then under 1052.00. The market took a que and got slammed to the downside running all the way down to the 1042.00 area

I had also stated that we would want to watch for support for the market to start basing for a move higher. Prices quickly recovered off the lows as you can see on the chart above and ran up back towards the opening price area.

After the early, fast slam lower we did not see prices hit the BreakDown lows nor did prices retrace to the highs, so no Intra Day Swing Trade setups occured on Wednesday.

More details on today's market below....

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