bad news on wall street - thursday, page-41

Wow! … Look at all those posts. Looks like PBs really stirring them up. Well done, PB. Stir the pot some more. :)

XJO down marginally today -0.1% after being down earlier in the day. Volume was below average – so today was a day of indecision. I mentioned yesterday that I expected a couple of days with the market going nowhere. Well, we got one today.

The Index is stuttering at resistance. Just looking back at past history, that’s not usually a good sign. But these consolidations at resistance can go either way. We’ll wait for a big day, one way or the other, to show future near term direction.

This is probably the most important chart today. The Miners. Unless it can make headway with the Financials, the market is in doubt. Today was a bearish reversal of the short term up trend. Most importantly, this is falling away from the 50-Day and 100-Day MAs and (wait, there’s more) … horizontal resistance, and, (wait, there’s more) oblique downtrend resistance. That ain’t good.

On that note, I think we’ll finish tonight – and wait to see what the overnight markets bring us.

Redbacka