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Yesterday, we commented that on 15-day charts,
selling volume continues to mount, and that the chances for a downside reversal
have thus grown. 15-day charts illustrate how the market has "processed"
(offset) most of the buying volume that led to the recent recovery rally (most
of this buying volume was produced in two buying surges - on February 28, and
around the middle of March).
For the short-term, we see a good potential
for more downside on the major indexes. Any upside will likely be restricted to
intraday pushes higher; our outlook continues to be bearish. The market will
likely to continue to "process" last week's surplus of selling
volume.
After having recovered strongly from the stark sell-off seen in
February, we believe the market is now at the end of its dynamic short-term
counter-trend rally; we believe the dominant mid-term downtrend (see Market
Stage) will now reassert
itself.
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