The last hour of European trading turned into a real bear.
- The market stayed below yesterday's Point of Control most of the day.
- Yesterday's second high volume area near 1052.50 tried to provide support but failed.
- At 1130 ET, the market was indicating a bullish $TICK divergence, but that failed also.
- Also, the Dow Transports is making a monthly low, which is bearish.
- The dollar is strengthening again.
- And the NYSE Advance - Decline Line and the TRIN were in bear territory all day.
The bulls simply had to give up.
Charles
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