Wednesday, December 17, 2008

Morning Observations 12/17/08

There was not much to move the market up or down this morning. The 1-minute chart did not identify any meaningful divergences. The 5-minute chart showed some divergences, and the trend of the $TICK has been slightly down, until a recent up surge in lunchtime trading.
The market is finding support at the top of yesterday's Value Area. I was hoping that the market would test yesterday's high early on for a possible short trade, but the market just could not make it that far this morning. It then found support at a higher price than I thought it would. Thus, we have a relatively narrow range again today.

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