Flat Day

Last night's futures were pretty much flat except the NASDAQ 100 was slightly up, the rest were slightly down and that's how we pretty much closed, the decliners were a bit deeper on the downside as compared to the futures and the NASDAQ had a bigger advane, but nothing to write home about.

The VWAP was the theme today in ES.

The market stayed very close to the VWAP all day, with it acting as either support or resistance. Toward the close ES broke below the VWAP on some of the heaviest volume of the day, which was otherwise fairly tame in comparison to yesterday's

The S&P formed an inside day or a Harami reversal as did the Russell 2000, the Dow was just a fraction of a percent from doing the same. The NASDAQ closed up .59% which was the only gainer today with the Russell 2k losing the most at -.89%. The S&P closed at -.23 and the Dow -.21 both in line with the flat inside Harami formation that is a fairly reliable reversal pattern in candlestick charting.

Also forming a Harami were Financials (XLF), Energy (XLE), Copper (JJC), the one copper short I have been considering, FCX, Materials (XLB), Russell top 50 (XLG), Industrials (XLI), Utilities (XLU)  Consumer Staples (XLP) formed a more ominous "Dark Cloud Cover' reversal formation. In essence, nearly every major Industry group was not only flat and most at a loss today, but formed Harami reversal patterns.

It seems most of the indications from last night's post popped up today in trade.

I'll have more for you in a bit.