Pullback in Progress Market Update Jan 27

Jan 27, 2017: 12:47 PM CST

Down from the highs we go!  At least temporarily.

Yesterday we looked at our negative divergence in Market Internals which suggested a likely pullback (lower) in price… and here it continues today.

Here’s today’s updated Emini (@ES) trading levels for your trades:

I’m plotting Breadth (Advancing minus Declining Issues) with price to highlight the negative divergence.

While Breadth was indeed strong on the breakout, we’re seeing fewer stocks advance along with the market.

That’s a negative divergence with price and indeed we’re seeing a pullback take place at the moment.

If this pullback takes us even lower, we have an updated short-term Fibonacci Grid to ponder.

If you’re new to this style of simple level trading, welcome aboard and keep checking back or get more details beyond just the @ES (stock scans, money flow, education) by becoming a member!

Afraid to Trade Premium Content and Membership

Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.

Corey Rosenbloom, CMT

Afraid to Trade.com

Follow Corey on Twitter: http://twitter.com/afraidtotrade

Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”

4 Comments

4 Responses to “Pullback in Progress Market Update Jan 27”

  1. Crash Goes the Market to Lower Targets Jan 30 | Afraid to Trade.com Blog Says:

    […] sure to revisit last week’s updates regarding Market Internal Divergences and an expected […]

  2. Day Two of Market Crashing to Support Jan 31 | Afraid to Trade.com Blog Says:

    […] sure to revisit last week’s updates regarding Market Internal Divergences and an expected […]

  3. February Fed Day Fibonacci Bouncing Update Feb 1 | Afraid to Trade.com Blog Says:

    […] sure to revisit last week’s updates regarding Market Internal Divergences and an expected […]

  4. Bouncing Between the New Range Emini Update Feb 2 | Afraid to Trade.com Blog Says:

    […] sure to revisit last week’s updates regarding Market Internal Divergences and an expected […]