Dojis' or Black...

Tonight is a very abbreviated version since I took the day off.

All of the major-index charts printed what would normally be topping candles for the short term today. The SPY and DIA closed with Doji's, meaning the indexes opened and closed within a few cents of each other while the QQQ, which represents the Nasdaq, closed well below its open, meaning a black candle. Whenever you see black candles, or Doji's, after a move higher the expectation would be for some type of pullback, but in this rate-loving environment you can never be sure that this is the action you'll get. Not wise to front run a move lower.

The job for the bears now is to create a gap down that holds, instead of a gap down that immediately gets filled, even if they can muster up a down day. There are so many gap ups going on here it would be good if you're bearish to finally create a gap that goes in your direction, and a gap that runs lower all day. Not an easy chore for the bears to be sure. The uptrend remains strong for now, even though the market has headaches to deal with, so watch to see how the price oscillator combination works out on any selling. For now, some long exposure is fine, but careful being too involved, at least, one would think, in the very short term. Let's see if the bears can even muster up the gap down they need tomorrow morning based on today's, what should be, topping candles for the short term.