** originally posted Mar 2, 2010 @ 5:06pm **
I just spent the past half hour reviewing about two dozen charts of various stocks. Looking at Candlestick charts along with multiple time-frame Point & Figure (P&F) charts. Given the technical analysis of many of the stocks...actually all of the stocks, I am wondering if we might be getting ready to see some topping off action in the general market.
All of the stocks are at or near peaks (based on technical indicators not price). I am expecting to see the technical turn negative in the next 3-7 days and would therefore expect a dropping in prices.
The stocks I am looking at are a diverse bunch that includes Energy, Consumer Conglomerates, Transportation, Retail, Construction Equipment, Healthcare Services, Business Services, Restaurant, Therefore, I would expect that if these stocks head lower, then the overall markets would head lower.
Just my musings for the day. A little note to look back on in a week or so and see if what I am seeing in the underlying stocks will perpetuate to the overall market.
Disclaimer
***UPDATE! Mar 11, 2010 11:00 AM **
Markets have not really headed higher in the past week + 2 day. In fact them seem the have stalled out and trading flat at the 10,500-10,600 level on the Dow Jones. I still think from what I am seeing that we should see a drop to at least the 10,200 level in the coming weeks before we see a move up. Will wait and watch and see if I am right or not.
Mar 2, 2010 - Topping in markets?
10-01-2011