Key Reversal
My crystal ball worked pretty well with regards to what would happen once the NASDAQ hit 2,000. It reached that level mid-day, closing a gap from way back in January 15th of 2002 by 0.01 points (damn those technical traders!). It was a very weak attempt to break out above 2,000 and the buyers quickly disappeared, letting the NASDAQ drop 2% from the high of the day. Besides the fact that the S&P 500 is still sitting above its November highs I don’t see much to get excited about on the long side. Here are some bearish developments I’ve been noting:
An outside reversal day on higher volume on the major indices today.
My …
tagged: %b, Bearish-Divergence, Bearish_Candlesticks, Bollinger_Bands, Key-Reversal-Day, Outside-Reversal-Day, Reversal, shooting_stars, Stochastic-Sell-Signal and Technical Analysis
