Wednesday, December 23, 2009

One more high?

The low volume push higher continues. After a nice push to ~ 1124 (cash index) during the overnight futures, the market took it in the chin and sold down the .786 retracement area where the bulls picked it up without missing a beat and grinded it higher the rest of the day. Since we still don't have a completed 5 wave pattern, the market should make one more attempt at a higher high before finally rolling over.

Because of the disparity of the futures market during the overnight session, I've included it as one of the charts. Divergences continue, and I'm still watching a 1115 sell trigger.
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