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Once the market dropped today's action was pretty much over. There was a cup and handle formation that occurred throughout the day, the but volume spike at the end of the day was insufficient to more the market higher.
On the daily chart we have technical problems:
First, we have two price islands which are usually considered to be reversal formations. In addition, there are lower MACD and RSI readings on the second, higher top. That's not good either.
