Go Far Away From the Complacent Crowd

Monday's market action was disappointing, but served to illustrate the ongoing difficulty that is facing the markets. What started out to be a substantial early gain was quickly completely surrendered, and then, for the balance of the session, things again turned indecisive.

All the averages are encountering very difficult resistance as they approach the old highs. On the chart below, the S&P 500, we see that trading ranges remain narrow while volume is quite large. Buyers seem to be finding all the stock they want without moving price. That is a short-term negative, and suggests we are at the edge of a pullback....239 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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