Yesterday was a -45 point day, which typically helps the market with a technical bounce to the upside. So far, the market is stalling at the bottom of a resistance zone created yesterday, which is also the 38% correction point of yesterday's range. The market just is not strong enough to trade into this zone, thus far.
Notice the difference in the $TICK, which yesterday morning was in a downtrend , and this morning has a slight uptrend tendency.
At today's open, the market traded down to test the Globex lows and yesterday's 1600 ET close. We then got the technical bounce, which may have been helped by some political statements. After the bounce, some long opportunities existed as the market corrected to the 50% line. However, the market is just not able to complete market symmetry to the upside past a substantial resistance zone.
Charles
No comments:
Post a Comment