Sunday, October 24, 2010

Not much to say...

So here I am reviewing the charts for the week and there is really little to say. The market has been in a slight upwards sideways action now for 8 days. Volatility is bottoming. New highs is diverging from price action, and volume is increasing on the down days. Now, we may have a new high before this next down wave begins as shown on my charts, but it is not necessary.

We should see a test of 1150 this week. If this is a bullish move, that could be it. However, there is a much larger support area at 1100 where the bulls would be able to stage a major rally from.

The bears need to get price below 1100 to take control of the charts once again.
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