US Markets held support and bounced nicely on Wednesday, but did give up a little of their gains late. However, we must recognize that no reversal candle signals were printed by the indices and at best we had Harami (indecision) in the SPY and DIA.

This leaves us with nothing more than a nice white candle in a downtrend, but at support at this point. Not a very clear picture by any measure.

Today’s economic news includes Q2 GDP at 8:30 am and Aug. Pending Home Sales at 10 am. We will also hear from the lone FOMC dissenter who wanted more of a rate cut (Bullard) as well as a few other Fed members speaking.

As of 7:30 am, US futures are pointing to small gains, falling in line with Asian and European markets (which were all green overnight).  The big boys (Dow and S&P) are pointing to a 0.25% and the NASDAQ a 0.15% gap higher. This will put us close to retesting the downtrend.

The bottom line is we might expect a higher-high off follow-through from Wed. action and global gains. However, that downtrend has not been broken yet. Caution and avoiding the whip are the smart plays.

Ed

For Your Consideration: Here are a few tickers we will be adding to our swing trade watch-list. Long: PRGO, EXC, GT, NUS, DOW, OLN, ETR, CRCM, GPRE, HOME, CM. Short: IPG, YUM, QSR, BLL. Trade smart, and trade your trade. Stocks we mention and talk about are not recommendations to buy or sell.

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