If there is one chart you pay attention to today, make it this one. We closed yesterday just a hair above the 50-day moving average and at the bottom of the flag pattern we looked at on Tuesday.
With six consecutive down days, it’s possible to see some consolidation as few things move in a straight line. Although volume, based on the On Balance Volume indicator, is showing us that sellers don’t appear to have eased up in this recent sell off. Be smart and stick to your trading plan as today’s close will likely be an important one.
