As expected, Friday's action was narrow range on much lower, pre-holiday volume. Nonetheless, we did manage to recapture the trendline on the opening gap up. The remainder of the day was contained within two intraday pivot points. It was a stock pickers trading environment as most stocks just chopped around in snooze fest range.
The weekly timeframe is still relatively bullish as we continue to consolidate in a tight range on declining volume. Thus, the three hammer/hanging men candlesticks were not resolved yet again as we only managed to add to the unknown by carving out an ambiguous, red doji stick.As you can see from the McClellan oscillator below, despite heavy selling midweek, we are in the neutral zone with respect to oversold/overbought market bias.
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