Tuesday, March 17, 2009

Well that didn't last long....

So yesterday's short term top turned out to be short term indeed. This could serve as an example that candlestick patterns aren't the end all be all in predicting future market moves. Generally when you see a bearish reversal candle like yesterdays you anticipate a continuation to the down side. This just turned out to be one of those instances where what *should* of happened, didn't. Despite today's strength, nothing has really changed from the overall outlook. There's still a huge amount of overhead resistance around 800, so we'll see how the market digests all that selling when and if we get there. Tyler-

No comments: