A Downtrend Appears to Be Developing
We opened the day with an impressive oversold bounce, but that was all the bulls could manage. We drifted back down all day and closed near the lows. The indices were around flat, and breadth was positive, but the lack of any upside momentum during the day gave the action a very negative feel.
Over the last few years, the market has had a tendency to bounce back rather quickly from selloffs, but the action today was much more indicative of a developing downtrend than of just a short-lived correction. The strength was sold aggressively, and dip-buyers showed very little desire to bottom fish....166 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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