All three broad-based ETF's formed "doji star" candlestick patterns yesterday. This pattern is neither bullish, nor bearish. Rather, it indicates indecision.
The daily chart for the Russell 2000 index (RUT) reveals that a close above the 615 level - or just above yesterday’s intraday high - needs to be achieved soon to alleviate the concern that the mid-September levels do not represent an intermediate-term peak.
The main stock market indexes still have considerable overhead supply to contend with, but a few days of institutional accumulation could once again push the major indices to new highs of the year.
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