Downward Pressure Developing

We had been watching the old support, which has been in effect now for over three weeks, anticipating a break of that level as a signal that a larger slide was developing. 

On Friday, the Dow did break support, although not by a large margin, and the S&P 500 and Nasdaq still held above support. There is downward pressure starting to develop, which will, I believe, soon lead us lower, but yesterday's reluctance to move in either direction suggests a definite lack of fear. That observation is reinforced by the continued low readings for the volatility index (VIX) and the Arms Index producing bullish readings in the face of declines....267 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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