Peak "Black Candlesticks" again offer cause for concern
![Image](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjFX1e_xG13Q9iEdjQOTLMEcTd3kjfSM2SIHg38PRxD5rg9aC6f_DjHsXPtdFP31khX3VApZT1aKoqJNfEwLxhXB-lWb14AkdGqBFZceyg_mVElqOTDb0y91ddconbuEzLbKNkZSRU5NL3skBLRbymz4UnAZi9Lg4MTehzdbYqb6Kv-Xd8zDA/s16000/compq_may30.png)
With junior traders likely to be still holding the reigns after the long weekend it was worrisome to see 'black' candlesticks pop into the charts of the Nasdaq and S&P. If there is a bullish caveat, it's that the significance of these candlesticks is reduced in the absence of a prior rally. The Nasdaq is perhaps the most vulnerable in this regard, but only because it has extended itself beyond its breakout point. However, I would expect this index to come back towards the 12,250 level over the coming days and weeks.