Tuesday, December 16, 2008

Morning Observation 12/16/08

The market is finding resistance at the lows created between 12/09/08 and 12/11/08. So far, the market has not found any reason to trade beyond this point.

The overall trend of the $TICK is positive, but the momentum most of the morning has been negative while waiting for the FOMC announcement.

We got a bullish $TICK divergence after 1000 ET, but the market faded while testing the highs of the day. We got another bullish divergence just before 1100 ET while testing the 0930 ET open. So the market remains in this narrow range probably until 1415 ET.


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