Pullback in Progress Market Update Jan 27
Fri, Jan 27, 12:51 PM ET, by Corey Rosenbloom
Down from the highs we go! At least temporarily.
Yesterday we looked at our negative divergence in Market Internals which suggested a likely pullback (lower) in price… and here it continues today.
Here’s today’s updated Emini (@ES) trading levels for your trades:
I’m plotting Breadth (Advancing minus Declining Issues) with price to highlight the negative divergence.
While Breadth was indeed strong on the breakout, we’re seeing fewer stocks advance along with the market.
That’s a negative divergence with price and indeed we’re seeing a pullback take place at the moment.
If this pullback takes us even lower, we have an updated short-term Fibonacci Grid to ponder.
If you’re new to this style of simple level trading, welcome aboard and keep checking back or get more details beyond just the @ES (stock scans, money flow, education) by becoming a member!
Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade
Corey's book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”
SDI Glossary: "price" Definition
SDI Glossary: "Finance" Definition
SDI Glossary: "Stock" Definition
SDI Glossary: "Trend" Definition
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