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Post Market Analysis, Tuesday November 10: Doji

|Includes: AAPL, AMZN, BB, C, CIT, CVM, DE, DIA, EDAP, EDZ, F, FAS, FAZ, FUQI, GOOG, INTC, IWM, MESA-OLD, MPG-OLD, QQQ, S, SDS, SPXU, SPY, SSO, TNA, TZA, UPRO, X, Financial Select Sector SPDR ETF (XLF)

 Indecision in the markets today after a huge up move yesterday comes as no surprise. SPY (The S&P tracking ETF) finished unchanged to make a doji formation on the daily chart. The Financials (NYSEARCA:XLF) and Russells (NYSEARCA:IWM) showed significant relative weakness today, down .34% and .62% respectively. The Dow (NYSEARCA:DIA) and Nasdaq (QQQQ) were relatively strong today, both up about .25%.

The VIX did not really corroborate todays move as it finished down 1.34%. The TICK and TRIN did corroborate today's action with some fidelity.

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From here, I would not be surprised with a reversal or a pull back of some sort. 110 proved to be significant resistance for SPY. This was proven today as SPY failed to really challenge that resistance level. If SPY does pull back from here, that would be the beginning of a Double Top formation, which is a bearish reversal pattern. Keep in mind that the Double Top is not confirmed until SPY closes below 103.08. After such a strong up leg, a consolidation or pull back would be healthy for the markets in either the bull or bear case. Of course stocks can continue to run from here. Such a scenario would be unnatural, but considering the market we have been trading since March, it would not come as much of a surprise.

Thanks for being a part of Swing-High.com! Always trade with a stop loss and manage your risk appropriately.

Happy Trading,

Jason