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Wednesday, May 20, 2015

$QQQ Picture of Indecision DJIA/DJT

The Qs painted a doji, the picture of indecision among Japanese candlesticks. The close was right in the middle of the short channel, and just above angle support and the trailing stop-loss level. All this was accompanied by weakening momentum.

So far, this is shaping up as a rolling correction (during which market internals readjust but price remains in a trading range). Should support get broken, however, things can get ugly quickly:

On a side note, it was a bad day for the transports, which made a new low:

while the industrials are struggling to keep the uptrend alive.

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