Another day another hanging man candle. Still a potential short term topping pattern. Will we get confirmation of a pullback soon? Here is the 195 minute SPY chart.
The first candle today added another distribution bar to the volume pattern. The volume the rest of the day was extremely light. This chart looks like it is in position to roll over. Here is the stocks vs their MAs chart.
This chart is starting to show some divergences developing. The number of stocks above their 10 DMA has clearly turned down. It looks like the odds of a pullback are increasing a bit.
The daily 18 SMA is at 1446. I think that would be a target area for a pullback from here to start with.
Chart practice has been updated with AAPL the stock today.
http://traderbob58-chart-practice.blogspot.com/
Bob
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