Thursday, June 11, 2009

Technical Picture - Breakout Fails to Hold

The S&P gapped higher as an extension of yesterday's late day strength. Positive data helped push prices to recent range tops, then we paused to consolidate and broke out midday. The midday BO was on relatively light volume and quickly retraced followed by higher volume profit taking in the last hour.

Watch today's opening gap as a potential area of support for tomorrow.

The VIX held the blue line segment as support again today.

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