Next Move Down for Stock Market

Trader Talk

The major stock indexes traded back and forth the unchanged level today, with modest gains going into the close run on higher volume. The leadership profile remains negative, with 104 stocks making new highs versus 219 stocks making new lows.

The short term momentum oscillators remain negative, confirming the bearish stance of the AlphaKing Trading Indicator. We have no new trades at this time.

The overall pattern remains solidly bearish, and today's action changes nothing in that regards. Indeed, the push into the green going into the close today looks like the finishing touches being added to close the counter-trend rally that began late last week. It should be all downhill from here.

Kevin Wilde, Chief Trading Strategist AlphaKing.com.

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