Still bullish but over bought
Trend is your friend and in this low volume August still on your side that is if you were bullish. These low volumes are typical for the year as most Wall street Titans are on vacay this month. For day traders and those seeking cash from the markets this can be the most frustrating month as stocks barely move, but this month it was not so bad. The dog days of August didn’t hurt so bad. SPX and NDX are making new highs while RUT lags behinds and does not participates in the moves towards higher ground. This may change however in next weeks trading though. Lots of stocks are hitting or going to hit twin tops and than blow through them. These are cup like patterns that occur on a wide scale. Take a look at the video and let me know.