The market this morning stayed in a tight range, but remained above yesterday's upper Point-of-Control. Long term buyers, however, had no interest in moving the market higher.
The $TICK MA on the 15-minute chart is indicating a bearish divergence as the market is testing a higher high. Upward momentum is drying up.
The $TICK did make a higher high mid-morning, but the broad market refused to follow. We did get a bearish divergence as the European market closed for the weekend.
Charles
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