In tonight’s Briefing I try to outline the development of price in the Stock Indices in multiple timeframes. Remember, markets run and pause in all degrees of time. Understanding this development provides the knowledge of whether you are trading in a countertrend move or in the main trend. I suggest the current move off of the highs is a long term countertrend move that may not yet be complete. The rally off the February 28 lows is countertrend to the intermediate term trend down and that trend could re-exert itself at any time. However, there may be some additional upside work to complete first, as you will see from the Briefing.
DAILY BRIEFING 200304 from Joe Mertes on Vimeo.