Despite a significantly weak open, the bulls used the light volume day to craw back to a loss that was negliable at best. The volume was extremely low – one of the lowest of the year, providing us with the belief that the market may in fact be changing course for once. However, of concern remains the extreme overbought conditions the market is face with along with the parobolic course the bulls are now charting. The market is due for a pullback (as we have been saying for a week or so now) and needs to show some courage when faced with signficant selling – the latter of which we have yet to see.
Here’s the Nasdaq and S&P charts…
