No trades today.
S&P and DOW did not do anything that warrants a trend continuation or reversal.
However, we can safely say that the rally is weakening as stocks are finally consolidating after a huge run up.
Many so called PROS are talking about correction and a number are also talking about continuation.
There is no definite answer as of now. But here’s a look of the S&P chart just before its close.
4 DOJIs! I will definitely record this cool chart pattern down so that I would know what to do in future if this ever happens again!
DOJI DOJI may mark a significant top. I am not sure if it can also mark an inflection point.
Maybe the DOW chart is more telling. From the DOW chart, we can see that traders want to break the middle bollinger line to trigger a small selloff to 10800. The line is at 11050. A critical level to break for any downtrend.
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