Upswing not likely. Sideways or down likely.
A short term bounce or upswing is possible, but not likely. The volume is decreasing on the daily chart. Any small increases in volume only seem to be coming from selling, only for the volume to decrease again when selling pauses. The Chaikin Money Flow shows heavy selling pressure across most time frames, but when it shows on the 12 hr and daily, it really should be considered. The 28 day and 50 day MA have crossed adding more weight to the downtrend.
The Tom Demark Sequential leaves the possibility of getting a 9 count to reverse with on the daily chart. Right now we are on an 8. The RSI is oversold or very near oversold on multiple time frames. This normally would demand attention, but the weak volume seems to lead the trend overall spelling out more sideways action or downside. We also have a weaker sentiment looming over the market in general. The best hope for a short term bounce is getting a 9 on the daily, but with significant volume added. In my opinion it would have to be a picture perfect 9 to entice an entry point.
The Tom Demark Sequential leaves the possibility of getting a 9 count to reverse with on the daily chart. Right now we are on an 8. The RSI is oversold or very near oversold on multiple time frames. This normally would demand attention, but the weak volume seems to lead the trend overall spelling out more sideways action or downside. We also have a weaker sentiment looming over the market in general. The best hope for a short term bounce is getting a 9 on the daily, but with significant volume added. In my opinion it would have to be a picture perfect 9 to entice an entry point.
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