Originally Posted by mact3333
We had indecision candle today where bulls couldnt expand the price range...shows bulls are tiring...short term top likely now...could see selling for next few days to relieve overbought conditions...we also have strong selling on strength today...odds favor short term top.
How low we go depends on what volume is doing...if we decline on shrinking volume, selling will be corrective...if volume pattern increases then something else could be up.
Going to have to agree with you here. Trading volume has been declining over the last days of rally. In fact, to strengthen the overbought status, we are sitting around the 1212 mark on spx, with the lowest trade volume in 3 months. We are way too high ATM. Dunno how much more she's got.
FAZ has just been recoiling from 80's price territory down to $51 ish. Spring is about to be sprung.