I am not into day trading and I don’t want to get into very short-term chart patterns…yet I will eat my words today!  Yesterday in the quiz I highlighted the following technical observations… (see post)

1) 500 index at the highs reached in January.  2) Fibonacci 61% retracement level. 3) Rising wedge 4) Falling wedge in the VIX.   Speaking of the short-term, can we add action of this morning into the negative mix???

First off….This day is long from over with! 

Micro view of this morning…. A pattern that more often than not, takes place at highs!!!  If you are long, you usually don’t want to see a 1% upside wick take place, with all the technical situations mentioned above… Oh, by the way, did I happen to mention that the dollar had a terrible month and only 5% of investors are bullish the one asset that could change its trend?

Again…This day is long from over!  Good luck everyone.


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