Monday, February 22, 2010

Dow Forecast for 2/23/10

Well, today's action was looking good - right up until 3:40 PM when the sellers came out. Interestingly though, they were not able to beat the market below the morning lows. Looking at today and yesterday's candles, one might think we now have a bearish engulfing pattern. However, today's range was so small, I'm more inclinded to think of it as a doji day - another day of market indecision. We'll see how Asia plays out and what the ES futures do later tonight before making a call for tomorrow.

No trades today.

Update at 1:35 AM: The more I look at the daily chart, the more toppy it looks. But I'm also thinking it may potter along around the current levels for a couple of days before heading lower. In any case, I'm taking no new long positions right now.

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