Chris, Candles snapshot.
[Nothing fancy, just very high-level stuff.]
Lots of non-confirming formations. NDX was the easiest to read and react, although it kept teasing with non-confirmed Hanging Men.
9:40ET NDX Bullish Engulfing lines with mild confirmation.
11:10 OEX, SPX Bullish Engulfing lines with strong confirmation.
1:00 NDX Evening Star (bearish).
1:50 NDX Bullish Engulfing lines with good confirmation.
4:10 OEX Shooting Star without benefit of confirmation.
In brief: The trading day required reacting to initial Bullish Engulfing lines for each index and patiently reviewing apparent reversal formations. While many formations appeared, confirmation was either non-existent or no clear prior trend existed.
Indices performed on a percentage basis as follows (from worst to best): UT, TRN, RUT, INDX, SPX, OEX, COMPQ, NDX. The UT was negative (possibly due to US$ or tomorrow's data); all other indices were positive. The above ranking supports the fact that the broad market is less involved with current rallies; techs appear to be bouncing, yet RUT is not experiencing similar recovery.
**Child safety warning: Don't use candlesticks as an exclusive trading tool. The enclosed silica pack is for freshness and should not be eaten. Never run thru the house with a lollipop in your mouth. |
