A Larger Pullback Looks Nigh

Perhaps the start of a new quarter has brought in a less bullish attitude. The pattern over recent weeks has been for an early-morning drop in markets, which would then be offset as the indices clawed back to positive territory. This revealed to us an underlying buying pressure that has been willing to come in on any pullback. But Monday the attitude seemed different. We saw the early drop and then the attempt at strength, but it was far less convincing. One has to wonder if the new quarter is prompting institutions to be more willing to nail down profits.

The averages remain in the sideways area we have been noting for the last three weeks. In spite of marginal new highs recently, it is a market that has obviously encountered overhead resistance. The larger pullback I have been anticipating may be very close....232 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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