Market Charts Looking Slightly Bearish

All indices reversed off their highs today and closed below resistance. SPY made a tweezer top, the QQQ’s made a shooting star and DIA failed at resistance. These charts are looking slightly bearish at this point, not to mention the Piker Indicator is now bearish and pointing to more downside.

SPY: Did something it hasn’t done in 4 days and it close down almost .5%, this is the 2013 equivalent of the 1987 market crash. SPY failed to get near its swing high from yesterday at 166.45 but did manage to close above yesterday’s low. Basically SPY remained inside yesterday’s candle. The Piker Indicator is now bearish which points to downside for SPY. If SPY is going to go lower the first level that breaks it 164.91 below that there is little support till it hits 163.76.

QQQ: The Q’s closed pretty much flat today but to be specific it was down .11%. It failed to stay above the 73.74 level which really solidifies itself as resistance. Once again it has formed another shooting star candle stick pattern, so far each time it has done this there has been no follow through to the downside. With a bearish Piker Indicator there is a better chance this candle will be correct. The downside is contained for the Q’s as long as it stays above 73.10, upside is contained if it can’t close above 73.74.

DIA: The Dow failed at its swing high from yesterday at 153.11 creating a tweezer top pattern. This is typically a bearish pattern marking the tops of a rally. Any downside risk will be contain as long as DIA stays above 152.24 and any upside movement is contained as long as it stays below 153.11.

Piker Indicator: The Piker Indicator moved to bearish today, not a good sign especially looking at the charts today all of which show a failure at the highs. It is a strong possibility that the market moves back down at least 3% from here.