Markets tried to push higher and even attempted a run at record territory for some indices yet failed at the end of the week despite positive seasonality. Abysmal volumes continue to hint at lack of conviction and weakness in small caps and tech keep the breaks on. As I outlined in various charts this week here, concerns are mounting that a larger correction is in the offing. All the while we keep trading opportunistically long and short taking advantage of the trade and chart patterns we identify and sticking to process.
The monthly charts in particular are continuing to highlight the change in trend I outlined earlier in the year in January and in March.
In the meantime Wall Street is trying to keep the game of confidence going by telling people to not to sell in May.
Games aside, below are some select chart patterns that might be of interest: