Nothing exciting has happened in the Stock Market, in technical terms, since 5/21/2012. On 5/18 the market reached oversold conditions. This means prices should move up from that point. The upward price movement from that date has been very anemic, indicating there is little upward strength in the market.
A wedging pattern is also forming in the market as indicated on the chart below. A “wedging” pattern is when the price goes down and then tries to rally up but the rally is anemic. This pattern indicates a high probability for the prices to go further down.
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