Hitting the Top of a Range

It has become a very common pattern recently. The overnight news generates a sudden rise in the averages right on the open, but then nothing much happens during the rest of the session. It usually takes the averages to, barely through or just below the highs of the last three months. Then, toward the close, there is often a loss of a large part of the gain. 

It is apparent that there is a great deal of overhead supply waiting just above those highs, restricting any substantial and enthusiastic advance. That was again what we saw on Monday, except that the markets were able to hold the gain very well. That puts the averages right at the top of the range, but it still looks like a range, not a breakout.         ...292 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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