Market Summary

Another hard sell off and market sentiment has again turned bearish on the short and intermediate term. A topping pattern is occurring where the bulls and bears are fighting it out and reducing upward momentum. GS lost 9% just on Friday alone putting downward pressure on the financial sector. While the first few days of May may bring in buying pressure how long that lasts and where the market heads we will just have to wait and see. Note the bullish and bearish Harami pattern on the 240 min chart. Click on image to enlarge.

For the YTD period the small cap index is up the most up 11.95% and the UNG remains down the most. For the week GLD did the best up 1.92% followed by UGA and USO while UNG was off the most down -9.50%. Click on table to enlarge.