Are the Markets ready to begin the next leg down? Or, will they rally? 

If you ask me, we are ready to begin the next leg down.  Of course that is my opinion.  But, it is my opinion based on several technical factors; one being the outside down months for the Dow and S&P 500 indexes in July and the selling pressure from those points. 

There are several wildcards out for the Bulls.  One being the Bullish Percentage Index of the NYSE and other indexes.  As shown a few months ago the BYPNA has hit the expected area where we 'could' expect a rally.  There are some other indicators that support the Bullish argument that the markets are oversold.  Be very cautious trying to trade off the VIX (Volatility Index). 

 But, let's get down to the technicals and signals we are looking for to confirm the  next mid term direction.

ShepWave is planning on entering some mid term positions in the QQQQ Options Tuesday morning.  Again, depending on the technicals as to which direction we will be playing the mid term trend.

Go to www.shepwave.com for Tuesday Morning's Pre-Market ShepWave Update

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