Wednesday, January 7, 2009

Morning Observations 01/07/09

Thus far, the market has found support at the 38% correction level of the last Up Wave.

This morning the market has stayed just above the S1 level of the Standard Deviation pivots.

We have above average volume for the second day in a row for the first two hours of trading. If the market stays below a 62% correction of this mornings range, the probability of a bearish afternoon is good.


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