Futures are currently up due to optimism over the Dubai incident but we shall see how the market fares after the Pending Home Sales report are out.
Dow daily chart
NASDAQ daily chart
S&P daily chart
All three indexes are right below the lower band of my MOBO bands which also acts as support resistance lines. Currently they are the resistance that the indexes need to break above in order to continue to rally, failing which the indexes may move down to test the 50 day moving average. (the red line)
I believe there will be a market correction in the next few days. Whether the correction remains a correction or becomes a market meltdown remains to be seen.
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