Bears Reverse Early Gains
On my weekly post I had talked about the bearish position , which wasn't really apparent on the daily charts. Today was the first indication bears may be working on something more than what had looked to be a straightforward 'buy the dip' retracement. The Dow was the first index to return to a net bearish technical picture on the daily time frame. Volume was lighter than recent days, which will offer some comfort to bulls, but it's the manner of the weak finish which is of greater concern. The 200-day MA is looking like a key support level.