The general markets made their second trip down to test their rising 20-day moving averages in less than a month, even after tagging new recovery highs earlier this week. The Federal Reserve issued their policy statement on Wednesday afternoon, as is common; there was plenty of volatility surrounding the announcement that afternoon and through the end of the week. While the markets continue to trend higher overall, the big question facing traders is whether the markets are ready to begin a much deeper correction to the rally that began in March. Without a doubt, the bulls have had the upper hand over the past several weeks, and at this juncture, the benefit of the doubt remains with this simply being a pullback to relieve overbought conditions. However, there are cracks that continue so appear on the charts, and alert traders should be cautious moving forward...... read more
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