Monday, December 15, 2008

Morning Observations 121508

The market is trying to find support on a Volume shelf created on Friday.
After 0940 ET, the market tried to trade up, but the $TICK was still showing bearish sentiment, which resulted in a normal correction to the 20-Period EMA. The $TICK did not show any bullish tendencies until after 1010 ET. Even then the market showed little bullish tendencies. At 1045 ET, we got a bearish $TICK divergence, which forced the market to make a lower low.
The market will be awaiting the FOMC announcement tomorrow.

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