Today’s technical outlook

After yesterday’s sharp losses, a so-called inside day, that means we move within yesterday’s price range, is the regular thing to happen. That should not exceed a 50% retracement basically to keep the momentum in check though. But we will see as the day goes on. With a flood of earnings being reported and expiration due tomorrow, the tendency will be to keep markets in check until Friday’s close. But that could be difficult as we go to the weekend on Friday, we might face some selling pressure again. Let’s see how today plays out, but keep in mind all the time we are still headed lower for the next 3 weeks. Oil could mark a temp low today or tomorrow and trade back above 80 in the next days.

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~ by behindthematrix on October 16, 2008.

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