PreMarket Review 11/17/08

There is a resistance volume ledge at 877.00 and a support volume ledge at 855.00. There is also a 4-day Value Area bracket between 900.75 and 941.75 along with a Friday (day session only) Value Area of 900.75 and 872.75. Over the last four days, the market has found resistance near 918.00.



The overnight market has bounced between the two volume ledges described above, and is currently testing the bottom ledge of 855.00. Friday's TPO is just above 877.00.



In reference to the Staples / Discretionary Ratio, the market is still being negative with more money going into Staple Stocks in relation to Discretionary Stocks.

Charles