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« Jobless Charts | Main | NYAD makes a new high »
Wednesday
Mar032010

Are the bears wishing on an inverted shooting star

DateWednesday, March 3, 2010 at 7:49AM

 

Yesterday SPX was rejected at the upper level of a resistance zone.  Yesterday's inverted shooting star candle shows that the bull had control through out the day but before the close the bears increased the selling pressure and moved the market down.

Right now that is the only thing bearish about this market.  Internals still are climbing.  NYAD made another new high and the NYMO divergence was broken yesterday.

But one cavet to the bulls argument is NYMO is not in overbought territory and well as SPX Stoch.  Watch for a pull back to 1100 for the next move in the market.

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