The S&P is displaying a pattern that has historically been bearish 78 out of 85 times in the past if it declines 3 pts below the open after the gap up. Additionally it is short term overbought ala RSI and touching of upper Bollinger band while bumping up against significant volume at price overhead resistance. My guess is if the S&P falls 3 pts below todays open it will go back down to the recent consolidation.
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1 comments:
I suppose it's also quite telling when one of these DOESN'T work. If you reversed after a 2% stop-out, the market ran another 30+ points.
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