The pattern is a little confusing right now....this happens from time to time. It will be cleared up soon. Perhaps by next week, just after Labor Day when the Traders return from Vacations.
After having the large spike down on huge volume the Q's have rallied right back up to their 50 dma. Now its a wait and see game. It would appear that the bulls are losing interest in this rally as the volume has been steadily falling for the past 6 sessions.
One more minor push up and we'll have a parallel channel line in place. For now we dont.
Going forward, if the Bulls have control of this market the next pullback will be on light volume and a higher low will be made.
If on the other hand the Bears have control the volume should increase on the down days and we should be looking for a retest of the early August lows. For now it just needs time to work itself out.
Fonte : www.hotstix.com