A Formidable Barricade

After Friday's early session steep advance the market later in the day seemed to stall. But then yesterday it was even more apparent that the rise had run into a very formidable barricade. The upward pressing buyers had evidently found a supply of all the stock they wanted, and it created, thereby, a session with an extremely small trading range. We see that on the first chart, below. Such a narrow trading range very often is a sign of the end of a move.

The move on Friday was more of a continuation of the upward trend we have been in since November than it was a breakout, and the lack of volume on the move made it look  a little suspicious. The Arms Index moving averages are getting a bit more overbought again.  This does not look like a time to be buying, but there is not yet a reason to be going short....244 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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