All of the above charts are telling me one thing - leave yourself open to some more selling. There was a clear failure at the test of the down sloping 200 DMA on the NAZ. The early move up was on tepid volume and the afternoon sell-off was on increasing volume into the close. The result was a bearish shooting star. The little curving pattern forming on the McClellan Oscillator is also interesting. We'll follow-up in a few days to see how it pans out. Leadership for this afternoon's sell off was courtesy of large cap tech names we know and love - AAPL, RIMM, BIDU, GOOG...The HANS daily chart below is setting up a nice bear flag after a wide, high volume flag pole.
2 comments:
Time to thank you for taking the time to do these updates Jamie!
Thanks!
Thanks Glen,
Hopefully, the bearish scenario will pan out, I'm in the mood for shorting after all this buying.
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