Wednesday, May 27, 2009

Technical Picture - Bears Step Up on Lack of Follow Through

Early NASDAQ follow through strength after yesterday's broad based advance , was unconfirmed on the broader market. The bears took control of S&P morning chop eventually prompting an afternoon decline on accelerating volume. Notice the divergence between tech and SPX.

Still the markets are in a tight, low volume consolidation. Until either support/resistance gives way, trading is tricky.

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