Today’s sign at the upper resistance level makes the possibility of a sideways wedge formation more pronounced. Currently the Dow and the S&P 500 are supporting right on the T-line. The magnitude of price movement in the indexes, especially the Dow, illustrate the continuation of indecisiveness between the Bulls and the bears. Whereas two weeks ago the market indexes were indecisive on a daily basis, forming Dojis, this past week has shown indecision but in a different manner, with big up days followed by big down days repeated. This demonstrates the lack of trend conviction.
December 7th Daily Market Comment
Today’s sign at the upper resistance level makes the possibility of a sideways wedge formation more pronounced. Currently the Dow and the S&P 500 are supporting right on the T-line. The magnitude of price movement in the indexes, especially the Dow, illustrate the continuation of indecisiveness between the Bulls and the bears. Whereas two weeks ago the market indexes were indecisive on a daily basis, forming Dojis, this past week has shown indecision but in a different manner, with big up days followed by big down days repeated. This demonstrates the lack of trend conviction.