Yesterday the daily bar on the cash S&P500 daily chart can be classified as downtrending with a higher close. I am still waiting for a retest of the January 23 low.Today’s chart shows volume (top pane) along with the price action. The January 23 low and sharp reversal came on very heavy volume which confirmed the “capitulation” aspect of that day. Troublesome for the bulls has been the declining volume accompanying the rally since that date. Increasing price with decreasing volume is a bearish relationship.
No comments:
Post a Comment