Here is a look at the 5 minute chart. Price looks to be topping here. Remember this takes only a session to move up to the top or from the top back down.
This is an hourly chart of the Dow. Based on the bottom indicators we have or close to a small bottom in price ... again this is based only of the indicators of price. The primary trend for the hourly chart looks to be topping ... but price can stay overbought for sometime.
Today we had some buying on weakness with the SPY (the ETF for the S&P 500). We had an overall outflow of cash today in the market of $1.1 billion and it was a 67% down volume day on the NYSE. It was a distribution day for the Dow ... today's volume was higher than yesterday's on a lower closing price. Note the blue line (money flow) is still moving up which should lend some support for the market in the next day or two ... but nothing is promised here. Also, the indicator with volume is moving down which shows we are still moving up in price from our last low. This could change at anytime. I am still looking to short this market between 8,500 to 8,750 here over the next few days.
Here is a view of the weekly chart ... primary trend is still down.
Here is a look at the 5 minute chart. Price looks to be topping here. Remember this takes only a session to move up to the top or from the top back down.
This is an hourly chart of the Dow. Based on the bottom indicators we have or close to a small bottom in price ... again this is based only of the indicators of price. The primary trend for the hourly chart looks to be topping ... but price can stay overbought for sometime.
Today we had some buying on weakness with the SPY (the ETF for the S&P 500). We had an overall outflow of cash today in the market of $1.1 billion and it was a 67% down volume day on the NYSE. It was a distribution day for the Dow ... today's volume was higher than yesterday's on a lower closing price. Note the blue line (money flow) is still moving up which should lend some support for the market in the next day or two ... but nothing is promised here. Also, the indicator with volume is moving down which shows we are still moving up in price from our last low. This could change at anytime. I am still looking to short this market between 8,500 to 8,750 here over the next few days.
Here is a view of the weekly chart ... primary trend is still down. 
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