A rally attempt from the last week got cold feet as early as Tuesday. $SPX ran into resistance in the 2100 area and turned back with a vengeance. Thursday and Friday candlestick prints for $SPX appear to be of the rare Marubozu variety. This means that the selling started on Thursday morning at the open and continued unabated until the very close with no rebound to speak of. Market makers then went to bed and came back Friday morning for a repeat. $SPX is down 5.77% for the week.
click here for $SPX charts here
TLT chart here
Gold and other precious metals charts
Best Regards and have another great trading week!
** Special Announcement**
We are close to launching a stocks alert service. Please sign-up for our mailing list to be the first to take advantage of the discounted membership once it becomes available!
Alexander Berger (www.MasterChartsTrading.com)