Stocl Indices Eliminate Divergences And Confirm The Downtrend

In the weekend Briefing I discussed the only possible positive concerning a potential bottom or pause in the current downtrend were intermarket divergences. As I stated, those divergences can be rectified in either direction. Today, they were rectified by the other Indices confirming the down move in the Russell and Transports.

At this point, there are no internal divergences or any technical aspect that would suggest at least a short-term bottom may be forming. In fact, the end of day selling suggests the higher probability is for a continuation of selling tomorrow. At some point, this will present a tremendous buying opportunity but patience is the better part of risk tolerance.

In the Stock Indices, I did suggest some possible places to look for a bottom formation.

DAILY BRIEFING 200309 from Joe Mertes on Vimeo.

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