Today's action had a lot of negative vibes. The UpVol/DownVol Ratio was a bearish .55.
The last three days show a white candle sandwiched between two black candles. This is usually bearish.
But ... until the market breaks one way or the other out of the current sideways consolidation, judgement needs to be withheld.
The volume for the past four days has been very light. This is indicative of the indecision the market is currently displaying. It's building up intensity for a strong move. Which way is the question. Although I have a bearish bias, we have to let the market show the way.
I may add to this blog later tonight after I do some more analysis. But I don't think any further evidence will sway my initial impressions of today's action.
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