Middle of a Zone

The indices continue to hold up well but momentum has been slowing to the point of standing still. Opening strength this morning was sold but the dip-buyers bounced for a while before a finish on the weak side. Breadth remains positive primarily due to small-cap speculation, but there are not many pockets of hot action to be found.

What is difficult is that we are in that middle zone of action where there is enough strength to prevent effective shorting but not enough upside movement to make chasing worthwhile. The bears view this sort of pause as a warning sign of topping but there still isn't any negative price action to confirm that view....1039 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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