We had a pretty volatile day on Friday as the market reversed its rally attempt. Regardless of the reason for the selling, the charts are telling me that the tide has turned, and that sellers are in control of the market... for now. (Notice how the 3:00 rally has largely been missing this week.) The middle Bollinger Band held as resistance for the indices, and I think the next move will be a visit to the lower band. I don't know when we'll get there, but I think we will. This week may be even choppier than last week b/c of the holiday. I expect very low volume this week (probably a good week to take off).
Losing Steam
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Essential Reading
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Yep, losing steam, but probably a breather before continuing upwards.