The MDM has moved to a CASH signal.
Major markets had a high volume reversal day in yesterday's trade. This is one of the more bearish formations, and was due to yesterday's testimony and minutes by the Federal Reserve indicating a possible slowdown in quantitative easing in the coming months. Premarket futures are down nearly -1% as a result of this as well as this morning's report out of China showing a weaker economy. Japanese stocks reacted badly last night with the Nikkei closing down 7.3% amid spectacular volatility and huge volumes, its worst single-day loss since March 2011.
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