Days like today that start strong and finish weak are not particularly good for sentiment or the technicals. Especially, coming as it did when the market is so extended after its nice move up in July.

Dow Jones Intraday
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Nasdaq False Breakout — the "Bull Trap"

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That may set us up for a little softness for the next few weeks.

There’s lots of support near 2100 — if we see that level (or anywhere close), I’m a buyer, looking for the last leg up of this cyclical bull run.

Category: Technical Analysis, Trading

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One Response to “Intraday Reversal”

  1. Bobby says:

    Actually the S&P bounced 6 points into the close. A good sign of strength. More likely is that the market goes sideways for a couple of weeks. Historically its too early for a selloff. Sell implied volatlity until the cows come home after labor day.