The weaker than expected Retail numbers, seen here http://adjix.com/hu54 sunk the media’s sentiment of the market today. The media has been cheerleading all the way up, im ready for them to eat their words.
Referring to the chart i annotated yesterday , http://adjix.com/j75t you can see the candle we formed looks a bit bullish, with the real body being very small and near the top of the wick. This is because, in layman’s terms, a tug of war between bulls and bears, with the bulls clamoring to push the market above resistance. The bears the exact inverse. It looks like today we observed a pivot back into the downward trending channel. Today’s movement coupled with tomorrows close will confirm the new trend. TAKE all this into account when playing Google’s earnings AH on Thursday. GOogle could smash and take the market with it, but it might be enough to move us above the averages again.