Doji + Gap=Potential Trend Changer
Market Overview   There has been one constant since the March lows. Once we blasted up off the bottom, the S&P 500 took but a few weeks to clear the 50-day exponential moving average. Once over, it had never relinquished that key moving average until Thursday. Basically above for four months. When you lose a substantial moving average after that length of time, you need to take notice of this event and what the message is that it could quite conceivably be sending. It's definitely not a bullish one. What it could be telling us is that we're transitioning from a bullish trend in to a bearish one. We only closed four points below the 50-day exponential moving average on the SPX and this is not a deep enough close below this key level to say the party is over for sure. Add in the fact that the 60-minute time frame charts are extremely oversold and we could move right back over on Monday. That said, the action was bearish across the board today as everyone part ... Read More