Wednesday, November 11, 2009

Today's Market

I'm not sure what to make of the market right now. Consider these charts:


A.) Volume has been decidedly weak.

B.) The market has printed two spinning tops the last two days. In addition, prices have yet to breach the technical level established a few weeks ago. In fact, prices ran into resistance just below that level, crossed it sometime today and couldn't keep the momentum going.


A.) Volume on this rally in the transports has been better -- we have had some decent days. But overall it is still weak.

B.) Prices however have printed some strong bars.


A.) Volume has been weak.

B.) Prices have printed one spinning top and one doji -- both weak patterns. And prices crossed technically important levels but couldn't keep going higher. That's weak.