The Major Indexes broke resistance but it is tired

The DOW30, S&P500 and Nasdaq Composite indexes all broke the resistance level. DOW30 also broke the 9000 level. Now, analysts are saying that S&P500 could target for 1,000 level (Current level is 979.26). The volume for indexes are not significantly high or even lower than average volume. Somehow, the US dollar did not follow the stock market pattern last week.

The current rally started 12 market days ago. It has gone up too fast too furious. In such market environment, I am looking for signs of retracement. The candlesticks are not showing much. The oscillators are showing signs of losing momentum - the market is now tired.

Basically, the technicals are showing that the market is losing its "steam". It is tired. If there is any buying left at this juncture, it could basically comes from retail traders and unenlightened institutional traders.

The negative effects from the total solar eclipse did not seem to materialise. However, proponents of such views said that the effects may not be immediate.

Bottomline, it is too late to enter the market now. I shall wait for the market to retrace and "short" as the market retrace downwards. It could happen very soon.

Cheers !

Rafee