TRADING DP

[TREND1]

2/24/16 Conclusion: Beware of a possible bull trap.

Today's rally while impressive, was not enough to bring the majority of indexes past overhead resistance.

Indicators in all three time frames are bearish.

A buying exhaustion seems more likely than a new rally up.

However, I will concede that this price pattern looks eerily similar to the last double-bottom. Despite indicators resting similarly overbought or declining out of overbought, price continued to rise until all-time highs began to get close.

I don't believe we will see the same result at this point based on the indicators