It’s been a one-way trade in the US stock market since the strong ISM services reading and it’s continuing. Last week, I highlighted the possibility of a head-and-shoulders pattern shaping up on the S&P 500 and today’s drop adds to the case.
We’re still a long ways from breaking the neckline but I suspect the complacency in this market could quickly turn to angst.
This article was written by Adam Button at www.forexlive.com. Source