1/31/2017: market update

First let's take a look at sp500 index which is most people focus on. Today the price hovered around in the price low range 2267~2270 most time. After 11:00 am (pacific time), the buyers stepped into the market and pushed up the price to 2278.87.  The close is pretty strong. The upside follow through will happen in next trading session mostly. The price still holds up in a uptrend channel in 1 hour chart. The possible movement path:

• Move up to 2294.63 gap fill and continue up for break out attempt
• Move up to 2294.63 gap fill and reverse the course immediately to try the channel lower bound.

 http://schrts.co/H8xc9P

The sp500 daily sell signal is still valid. Like mentioned yesterday, the short opportunity should be the gap fill 2294,63 fill and reversal. However, the low possibility thing could happen that the price break out 2300. The short stop is needed too.

The Nasdaq is in a rising wedge. It will probably act same behavior as sp500 in next trading session.  The gap fill 5660 will be watched. After the gap fill the directional move will be unfolded. 

  http://schrts.co/PIroJv