The real action was yesterday, today wasn’t one to write anything home about. There was some gap moves at the open but they didn’t change the picture by end-of-day. The best you could probably draw from today was the inside day in the Dow Jones Industrial average; trade a break of today’s high/low with a stop on the flip side.
Some could look to do likewise in the S&P; today’s doji offers a clear inside day to yesterday’s relatively broad red candlestick.
Not much to get the juices flowing in the Nasdaq.
The Russell 2000 is still working to a new ‘bull flag’. Nothing to swing it either way just yet.
The Discretionary:Staples relationship has finally reached resistance. If this proves to be a reversal point then it’s going to happen next month.
This could turn out to be a slow burn reversal but the market does feel toppish; feeling and reality can be two totally different things so don’t let profits slip if you have them to protect.
