Despite this recent rally off the lows established last week, I think the market sentiment is low and still negative. Watching the charts this week, there was strong buying, but the bounce seems to have lost steam.
Though the weekly charts of stocks I am watching shows an up signal, the daily charts show otherwise, losing momentum near the end of the week….today. We will see next week whether the uptrend holds or if this is just a head fake, before the market swings lower. I got a feeling the pain is not over as the conviction wanes today.
