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The market will react to tight monetary policy, and the ability or inability of venture capitalists to put money to work.We had recently broken out of a megaphone pattern, pulled back to it, and then failed again. At this point, the market is likely to drop down even further, perhaps testing the bottom.
However, it’s obvious that the markets are getting jittery at this point, and I think we may see a selloff into the holiday. Furthermore, next week is the week between Christmas and New Year’s Day, so there will be a significant lack of liquidity.Short-term rallies will continue to be sold into, and I believe that the 50-Dayabove will offer a significant amount of resistance. The 11,540 level is where it is sitting, but it is dropping and therefore it’s a bit of a dynamic trendline of sorts.