If you have been checking in you know that for the past few sessions I have been expecting a turn to the downside. I even changed the trend table a time or two. I felt like the proverbial deer in the headlights. Clueless. But alas I was early! Today the sellers have come out of hiding to play while the buyers seem to have run away. Of interest is that volume is up on the DIA, but not the SPY or the QQQ's. None the less, the elevator operator has pushed the "Down" button. So now it's just a matter of what floor we stop on.
Guess the Bulls have heard that the rumors and hope about Europe finding a quick resolution to their financial woes were just.......well ...........RUMORS!! Yes, seems it has been made clear (By some very official Germans) that the upcoming meeting of the Euro Leaders will not bring a defined plan or any concrete action.
No need to re-hash the rest of the days event. I'll let the chart speak for itself.
CURRENT MARKET TRENDS
Long Term (Weekly Chart) – Sideways (Trading Channel)
Medium Term (3 day chart) – Sideways (Trading Channel)
Short Term (Daily Chart) – Down
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