A Bearish Engulf At Resistance

It’s never good when you get a Bearish Engulf at resistance. Yesterday’s price action in DO was controlled by the sellers when they realized the buyers didn’t have the chops to step out into the battlefield. So the sellers took control and closed price below the 50-SMA. Weakness below $18.95 may need to test the $17.40 – $16.70 areas. Be very cautious the next few days as the buyers and sellers battle for the blue ribbon, don’t be a casualty.

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SPY Is Unhappy

Looking at my Red White and Blue chart the SPY has turned bearish in the hourly, 2-hour and 4-hour charts. The daily is very close, whether or not you like the tariff battle going on it is causing the market to be unhappy. An unhappy market leads to chop and the sellers taking the lead. The 200-SMA area may offer support and a relief rally for the bulls, but we must see the right conditions before that can happen.

VXX – VXX got pretty darn hot yesterday! The VXX chart is suggesting they buyers are not happy when buyers are not happy the sellers like to party.

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