Tuesday, May 18, 2010

Was that all the bulls have???

The bulls were able to ramp it up during the Globex session but ran into stiff resistance at the hourly 34 SMA and my key resistance area at 1146-1150. From there the market steadily went down the rest of the day, but it wasn't the kind of impulsive move I'd like to see in a 3rd of 3rd, so I am putting my primary count as a minuette wave 2 flat with the a & b waves complete and tomorrow we see a c wave that pushes back to the 1150 - 1160 area. If we see weakness below 1105 tomorrow morning, then the market should really start selling off, so I'll be watching any market reaction to that area.

Best of luck!
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