Wednesday, April 6, 2011

comments and outlook for 04-06-2011

Looked like we might run yesterday midday and then we got an afternoon pullback and closed flat.  As one would expect near a top the up momentun seems to have faded and the market is having problems advancing.  If we get an up gap and go maybe we can break above 1338 resistance and test old highs.  Else, it looks like we are running put of time.

There is still a chance we test old highs, but a diminishing chance.  Let's see if we can gap up.  We should still get some advance for the week.  Many of the averages have set new 52 week highs and a couple of averages (like the S&P mid cap) have set all time highs,  The 33 and 11.2 day  cycles should top by the end of the week.

Here is the visual:

GL traders,  Be careful, do your own analysis.

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