Thursday, July 15, 2010

Bears patience is being tried...


Or Bearish??

Don't you hate it when you get days like today when the market takes away your gains by the end of the day. How the waves are counted at this point will be easier once we're out of the congestion, so I leave it here with the technicals:

- overnight futures have hit in the ~1000 area several times and have been rejected each time
- we are way overbought on the daily chart
- overhead resistance (1105) is significant and will likely get sold hard with either the start of minute wave 3 or wave B of minor 2. Once again the key will be how the market reacts to the 1070 zone.
- overnight futures have been weak so far; an omen??

The market is keeping us guessing. Let's see how we close out the week.
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