Yesterday was a “Reversal Day”. This happens when the indices (Dow Jones Industrial Average) rally to new highs early, but then close sharply lower on the day. We had above average volume yesterday as well.
My recent technical comments have discussed that the short term picture is eroding. We have the two short term indicators, (NYSE and OTC 10 Week Indicators) in a column of O’s and on a sell signal. This suggest a more cautious approach to stock market risk. As we get pull backs the risk/reward picture will improve.
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