Can someone explain to me how today's selloff on really tiny volume is a trendchanger unlike Tuesday's selloff on bigger volume (which wasn't)? In other words, if volume was a non-confirmer on the upside, bears should be terrified by today's action based on the volume.
Admittedly, I do note some evening star like patterns on the tech indices, but I don't note any major support breaks. Even the 50 DMAs held. A few of the newest uptrend lines did break, but the longer term ones did not. I also note that the weekly tech charts didn't print three white soldiers, though that has no immediate bearing that I can see.
On the COT, there was little action from the commercials at all, and a change of only a couple thousand in the small traders E-Mini short position that Shack likes to watch. In other words: it's not a bearish report (unless you are a bear, I guess, though it's no less bearish than last week, and does miss the last two days where we made new highs).
the freep, still confoozled |
