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Originally Posted by coolhand

Wednesday's market action wasn't much different than we've seen of late; early strength followed by weakness. Price was up and down, but by the close the indexes were down on the day.




It's obvious there's a battle going, but so far the bulls have contained any serious technical damage to the charts. It's worth noting that overbought conditions more than a week ago are well out of overbought territory

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A 113-point gain the Dow and +16 on the S&P 500 is nothing to sneeze at, but put in context, it wasn't that great of a day for stocks. It was another volatile day on Wall Street with bulls giving up another big early gain. The S&P was up about 50-points at the high so it lost 1% from the early afternoon high into the close. It's starting to get repetitious. Small caps lagged and bonds were down.

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