There are several battles being waged. The market has had a fairly long uptrend without much of a correction, so it is natural to want to trade some profits as the market is making a new high. Also, the market is still bullish enough to want to treat the previous high at 1143.25 as support. However, buyers what probably prefer to buy near yesterday's Point of Control or average price. The market did correct to about 2 handles of that average price, which is near 1139.75. And as I stated yesterday, the mid-March to early May time period is typically bullish in a normal market. This year, however, the bullish trend started a little early.
Charles
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