Wednesday, December 8, 2010

AT RESISTANCE

The market is at this morning's intraday highs, except for the DIa which is lacking a bit, so they are at resistance. the 1 min charts are showing a bit of a negative divergence, whether that's just resistance/profit taking or a more serious trend to develop, it doesn't really fit well with the 5 and 15 min charts that are looking stronger. So in my opinion, what happens with the 1 min is crucial here. Is it just hitting resistance or starting a trend that will filter into the longer term charts?

These charts are 1, 5 and 15 minute for the DIA, QQQQ and then SPY. The DIA is the only one that seems to make logical sense.









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