Well the market certainly had a change of character today. For the last 3 months or so, bad news has been treated as good news, and good news has been treated as great news. Well today we got selling on decent economic news. Not only that, but the bulls weren’t able to gun ‘em in the last hour like they have been doing for weeks now. So here I am once again looking at a ton of bearish reversal signals on one hand, and a super strong uptrend on the other. My guess is that we’re likely to just go sideways until the Fed meeting next week. It’ll be very interesting to see how the market reacts to the impending rate cut.

Here’s the S&P 500 chart:

Here are some definitions: Evening Star and Upthrust.