10 February 2016

SP 500 and NDX Futures Daily Charts - Another Pop n' Flop Below Key Resistance

“Unless you expect the unexpected you will not find it, for it is hidden and uncharted.”

Heraclitus, as quoted by Euripides

Once again we had a pop rally in equities based on some vain hope, in this case it was the dovish words of Chairman Yellen in her Fed testimony to the Congress.

And once again stocks faded and closed below key overhead resistance.

Bully will get one or two more tries at this sort of thing, and then I'm afraid that it is likely for stocks to roll over and take a trip downtown.

Have a pleasant evening.