Market Overview Jan 30

Bounce as expect in the short term view. Set yesterday low as stop and let ride this bounce up. Set stop for profit. This is by no means a bullish medium and long term view. It more of a short term bounce, probably to get rid of the oversold before going lower. So careful and set stop for profit no matter what.

Base on today's action, we may pull back a bit before going higher in the short term. 50MA is curving down, this is suggesting the bounce may be short live, if it doesnt break above it soon, then down it goes back to continue the down trend.

Chart attack:

See SPY chart, the MACD is showing sign of curving upward, and we are now back inside the BB, suggesting a bounce to continue. Volume is not high, so becareful holding long here for too long. RSI is bottoming looking. 

See NYMO chart, abit of a higher low, higher higher showing here, so we may be bottoming. MACD is curving as well. RSI is heading back up. All pointing to a bounce to continue

See VIX chart. Back down under the upper BB, RSI lowering, all bearish sign for VIX in the short term. MACD is topping out base on previous top level in October. All pointing to a bounce in the market to continue.

Short term: Bullish (set Jan 29's low as stop, and ride this short term bounce)