Mid Week Review

Market sentiment remains bearish and while there was a gap open higher this morning it was right into an area of resistance marked by the dot on the chart at the former gap lower from which prices retreated completely filling the gap. This action is setting up a low base formation or a bear flag. Tomorrows GDP report and the jobs picture will very likely move the markets one way or the other and how the markets close this week will be very telling. Click on image to enlarge.