Friday, August 28, 2009

Stock Market - Weekly Doji




Stocks were down slightly today closing at this week's open forming a weekly Doji. The above daily chart of the S&P shows the MACD bearish divergence that has developed. If the market closes below the trendline, I think that would be confirmation that the stock market has put in a short term top. Until I see that happen, I will remain on the sidelines and do nothing.

1 comment:

Mr. Monopoly said...

Also note that there is a bearish volume divergence between the Aug. 7 price peak and last week's high. Everything is pointing to a possible nasty sell-off in the near future.

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