Here a look at he S&P etf. It is obvious that we are currently in a box after a decent push up. As evidenced by the chart we are in a box on the daily timeframe and we have formed a head and shoulders pattern on the hourly. Even though I dont put much emphasis on that pattern it does exist.
We had a down day on above average volume after 2 up days on low demand as evidenced by the volume which was lower then the declining days. Look for the 118 level as its vital. If it breaks and holds then we are probably due for a correction. The negetivity regarding Goldman Sachs was enough to trigger this panic selling. Time will tell how this story goes. Looking at the big picture we are still in a bullmarket and this is nothing but a pullback or correction at best.
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