TNXP is acting a bit dangerous trying to break out of its ceiling. I should have watched it more closely because there were some exit points already that I could have taken. Now it looks to be pushing a bit higher. Today's candle was a variation of a spinning top so it might push upwards a bit then drop. This will happen a bit sooner if the market is down tomorrow.
I really dont feel in my bones that the market is due for another up day. Looking at the chart it threw a graveyard cross:
If you look at the above image, the last time there was a graveyard cross earlier this year, there was a corresponding drop. What a graveyard cross says is this: The opening price and the closing price opened and closed for the day at the same price. It went up and down a little in the middle of the day but ended up the same. This shows no upward confidence and low volume. It typically signals a temporary top and a pullback is in order.
Now grant you this is a technical chart and I said earlier that news trumps technicals and news rules 20% of the time. Tommorrow morning there could be a Greece breakthrough and chart be damned, the market is gonna rally. If things are still at a stalemate tommorrow, I expect a slight pullback in the Market.
I will be monitoring in the morning and looking for any potential bounce trades.
Tradinginsider
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