S&P 500 (Figure 2)
What Else Can We Expect?
The market has essentially spent the past three trading days correcting from the sharp selloff that took place mid-week last week. This correction hit a roadblock Tuesday afternoon that is likely to continue to affect it in Wednesday's session. My overall bias for the market is relatively unchanged from yesterday. I continue to anticipate greater intraday swings with more of a range bound focus as the week continues. This will be more ideal for daytraders than swingtraders who will once again be at greater risk for strong, adverse intraday moves.