Well that was a hell of a way to kick off the new year. Volume and volatility came back in a big way today. Trader X has a good analysis of the intraday action, showing the warning signs of the mid-day reversal. The early (over?) exuberance of the bulls dried up quickly and resulted in a lot of bearish candlesticks. Here are links to scans showing all the bearish engulfing and shooting star patterns made today.
Below are charts of the Nasdaq, S&P 500 and the one decent short setup I could find today:
Shake & bake on the Nasdaq today. It was all over the place, making an outside day but when all was said & done it ended up just a few points, as if nothing out of the ordinary happened today.
The S&P is still sitting on that trendline.
Technitrol, Inc (TNL) recently completed a head & shoulders pattern and seems like it wants to fill that July gap…
I’m switching the S&P’s short-term trend to down since it’s under its 10-day moving average.
|Trend||Nasdaq||S&P 500||Russell 2000|
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend