As the market traded below yesterday's low of 864.25, the Financial Stocks refused to make a lower low. 864.25 acted as resistance until the market traded above this level, and then it became support. As the broader market traded higher, the Financials Stocks then refused to follow to the upside, but the broader market kept going primarily due to a surge in Energy Stocks. So the broader market was able to make a morning climg without the help of either the Discretionary - Technology or Financial Stocks.
After 1100 ET, the VWAP Line became support again. Now the market is stuck between the 78-Period Pivot Line and the 0930 ET open, which is currently acting as support.
Charles
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