The markets sold off at the close today but volume was relatively weak. The final 10 minute bar of the day did have significant volume down which should lead to selling in the morning. These end of day moves have been affecting the market for about 4-5 hours and then all is forgotten. The advance-decline metrics show the market continues to be overbought. The saying is that a market that becomes overbought and stays that way is a strong market. I do expect short term weakness but at least one more thrust (blow off) up before a real correction occurs. As always, I could be completely wrong.
Charts courtesy of Stockcharts.com
Price Time Volume Investing
Stock Market Cycles, Gann Angles and Squares
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