Tough Overhead Resistance

Still the standoff continues. In the last 12 trading sessions, we have seen small trading ranges, small daily price changes and low volume. All are signs of difficult overhead resistance after an advance, and this suggests an imminent downturn. There is, though, a strong and persistent buy interest that shows up on any pullback.

In three of the last four sessions we started out with big losses, but then the averages clawed their way back later in the day. Looking at the half-hourly Equivolume charts of those days, it is instructive to note that the volume on the down entries is far larger than that seen on the up entries. It looks as though big money is leaving the marketplace anticipating a decline. I concur....212 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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