Another Turn Is Coming

You can sense the recent rally is running out of steam, and today it shows. In this post, I will simply highlight some of my observations on the intraday hourly price chart to show the price trend is getting ready for another turn downward. Whether this is another pull back or this will turn into a price reversal, I will not draw any conclusion one way or the other until after the daily price patterns are completed. For now, I will remain in the mildly bearish camp.

Here are the charts with my observations. Click on the chart to get a larger view to read my commentary.

DJIA:



SPX:



NDX:



RUT: