I’ve Seen Paint Dry…

… and it was more exciting than yesterday’s action. Couple of things I noticed during the day yesterday. First, look at this SPX chart. Compare the two rectangles. While not the exact same pattern, it looks fairly close to me. Notice the first bar in the pattern as a negative day for the market, followed by three positive bars which appear to lose steam each day, then followed by a negative bar and finally a nasty selloff. Looking at the action from the past week, it appears to be following a similar pattern. Futures so far this morning are down so we’ll see.