This move certainly isn’t a strong trend up. A four day retrace is not a good sign - but not the end of the world. The chart from the October 10th low shows somewhat of a cup-with-handle formation. Today was inside the second day of the retrace on lower volume. While not bullish, it does setup a bullish thrust (if that is what the market wants to do).
Day Four Retrace of Six Day Swing
November 10th, 2008 2 Comments
Tags: Cup with Handle · Market Internals · Standard and Poor's 500 (SP500) · Swing Charts