I really can’t stand drama of any kind so I’m not building this up to be some type of major turning point tomorrow, because we could just end up with a number of whipsaws in the coming weeks. In most cases when articles talk about how critical a particular line in the sand is going to be it turns out to be a moot point.
When the figures came for my market timing signal today, the edge goes to the bears and we really may get a correction after all, however tomorrow is critical for confirmation within my system.
It really is a coin flip and no amount of technical analysis will give you a clearer picture as to which side will win when the signals are this mixed. MELI showed up on one of my alerts as a pullback play today but I opted not to buy the 50day pullback because it looks a little different this time. This could be a signal that many of the leaders need an extended pause.
- Volume was massively negative
- Extremely large black candle
