It's been a while since we have had anything promising to report - mostly spent the time trying to pick the bottom and figure out what was going on. I suppose the prevailing thought lurking at the back of the mind today as the SP took off this morning was is this another sell the news deal, remembering the announcement track record being littered with morning bounces and afternoon selling.
However I think those who might have bought speculatively expecting a repeat of previous episodes were probably sent packing already as the down leg probably mostly cleaned them out. Not much sympathy out there I suspect. Anyway it is early days and we need to see follow through to improve the comfort level.
Loking at the main timeframes, daily/weekly/monthly we see bullish indications. I suppose the really interesting outcome is in the monthly where we had the final possible support at the 44 cent low in May 2015 breached as the downleg hit the 37.5 cent low on monday. I did say that a recovery would be useful in that in monthly terms a false downside breakout could reasonably be claimed. As it turns out it looks like we staggered over the line in August but need to see a good month in September to complete the picture.
The weekly and daily charts show very bullish candlestick patterns but the stock market is capable of pulling the rug out from under at any time so it is about follow through at this point - not totalling the chickens just yet.
Daily COB August 31st - note the 10 and 20 day MA's both cracked - narrow range candle sandwiched between two bullish candles - bullish overall
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Weekly - bullish one white soldier pattern
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Monthly log chart - note long lower tailed candle (hammer)
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TA discussion, page-5696
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