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Wednesday, February 13, 2013

Daily update 2/13

The Dow failed to stay above 14000 again after yesterday's second close above that level this month.  Will it or won't it be able to conquer this round number on this try?  Here is the daily chart of SPX.

The last two candles have visible upper tails on increasing volume.  The bar before that was a hanging man.  That is three somewhat bearish candles in a row.  I am sure that is totally meaningless though.  We all know this market cannot possibly ever have a pullback.  All the same, it might be wise to pay attention here since the Dow is struggling with a round number.  Lets zoom in to the 195 minute SPY chart.

The last three candles on this chart are two bars with upper tails similar to inverted hammers and a hanging man.  The upper tails don't really look long enough to call them inverted hammers, but they do look slightly bearish. 

This is the most toppy looking these charts have been all year.  I am sure that will be all cleared up with a big bull run tomorrow.  It would be silly to think the market could actually have a pullback now wouldn't it. 

Chart practice has been updated with VRSN the stock for today.


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