Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Wednesday, October 19, 2011

Prop and Drop 10/19/11

Stock Market Technical Analysis Blog

click on above images to enlarge

Through the first half of the day today trading was light and very few positions were taken in either direction as the indexes were being intensely propped up until midafternoon when an ominous price pattern came down to a point and the market dropped like a rock down to its lower line of its weeklong uphill channel.  The market stabilized there and went sideways into the closing.  The notable item is chart set seven where we can see that the past few days trading has been a sideways rangebound process across almost all of the indexes still leaving any market direction to be resolved.


Please see risk disclaimer below

Blog Archive