It looked like early into yesterday’s market action, the “inevitable” that so many traders were calling for was on its way; however, so far it looks like that was just a scare. The S&P still has some life in it. The appropriate question is, how much?
The market is at a point of resistance, and we are still looking for clear cut confirmation on which way it wants to go. Obviously, up is bullish and down is bearish. The fact that many traders like to execute orders based on market timing, obviously effects how individual stocks will move.
[smartads]
A somewhat interesting trend has taken place over the last couple of trading days. While still on the rise, since breaking 1115, sellers have typically dominated towards the end of each market day; however, over the last 3 days as we have closed in on the resistance at 1150, buyers have controlled the end of day action.
Now how this whole setup effects the long-term action means absolutely nothing, but it is an interesting tell to not give up on the markets just yet.
In short, it looks like 1150 will play a key role in determining what direction this market will take. For right now, we must wait.
