The 50-day moving average on the cash market chart was resistance for most of the morning. Once the market past that resistance, it just kept going.
The futures market is now testing its 10-day moving average.
The overnight high and the 0930 ET open acted as resistance for most of the morning. Going into the European close, the bulls decided to trade past resistance. There just was not enought sellers to get the market down to yeaterday's high or close.
Charles
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