Monday, April 26, 2010

Key test tomorrow...

Well, it wasn't surprising to see a pullback since we did have a 5 wave pattern that appeared to be complete. It is worthy to note, however, that the market closed negative for only the 2nd time since the February low. We'll see if it will dictate the trend for the rest of the week tomorrow and Wednesday as the tendency is for the market to put the high/low for the week on either Monday or Tuesday. Too much downside tomorrow will bring in the sellers, but morning weakness followed by afternoon strength would be the 'expected'. Let's see what the market delivers.

Key support tomorrow for the bulls comes in at 1205/1208. Last ditch support comes in at 1200, but if the market gets down there without an intraday reversal, then I'll play my position with the bears on Wednesday.
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