All signs were pointing higher at the close, which means there’s probably about a 65% chance that stocks will head lower on Friday. That’s the way things have played out on most days in recent weeks: The more bullish stocks looked at the end of a session, the worse they tended to open the next day. Factor in the undesirability of taking positions ahead of a long holiday weekend, and you’re probably better off flipping a coin or casting the I Ching than trying to guess what the charts portend. This won’t necessarily preclude nimble day trading, but don’t expect to surf a big wave.
