Monday, August 9, 2010

On the edge, but which way??

Well, the market got me for a couple of losses today as I took my own advice and got stopped out in two different trades in the morning session. While not a launcher out of the gate, the market did shrug off that first 30 min of selling pressure and grinded higher the rest of the day. The market closed right at resistance and is overbought with significant divergences.

We should know shortly which way the market is going to go, but unfortunately, I'll be out of town the next couple of days. Here are the daily and hourly charts.

Good luck!
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