INDEX UPDATE
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For a while now I have been calling for a reversal to the downside near AUG 27, with AUG 27 possibly being a strong down day.
Take a look at AUG 7 which is similar to todays action. On AUG 7, the DOW ran up about 120 points, then in the afternoon it went negative and closed at 8598, up 20 points. It would be hard to argue that todays action was not similar to AUG we were up about 120, then went negative, and closed at 8602, up 36 points.
Now look at the following 2 days (AUG 10,11). AUG 10 was negative and positive, and it closed relatively flat (down 24 points), forming a small SPINNING TOP. The next day, AUG 11, the DOW was down 257 points intraday and got as low as 8317.
Of course nothing is conclusive, but the similarities should not be ignored.
Seeya |
