Tuesday, September 22, 2009

Confusing Morning 09/22/09

The 09/17/09 high of 1071.50 is resistance. As the market comes close to this level, expect buying to dry up unless the market is given a really good reason to go much higher.

The correction after the day session opening could not make it to yesterday's Point-of-Control. It missed by about 2 points. Neither has the day session been able to trade above Thursday's high.

We have a tug-of-war between the bulls and bears. The $TICK makes a new high, but then buying dries up. $TICK then makes a lower low, but then selling dries up. I suspect the long-term investors are sitting on their hands for the moment.


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