ajtj99's Market Pulse

[The Freep]

The "irony" here, AJ, is that I can't see a left shoulder for a regular old H+S top on the OEX. If you draw a line through the neckline, it's also supposed to show the shoulders... but this line travels along to the left and kinda goes through some random uptrend candles, doesn't it?

I'd also agree, though, that it's not bullish, whatever it is. I have been saying for awhile that without the oils and housing stocks leading us up... and with banks not taking leadership, non-tech is gonna struggle to find what'll take it higher. At least tech has the semis holding tough for now, but the prior non-tech leaders are getting hosed.

I suspect we get an oversold bounce soon, but I'd be surprised at this point if today marks the low of this downswing.