Wednesday, November 14, 2007

S&P500 Opening Gap still Holding

The SPY's opening gap is still holding, the five-day MAs have flattened or are creeping north, and the tick is hanging in there, which together I consider bullish. However, all else is looking neutral at best at the mid-day, but not bad considering all the position closing that is no doubt occuring.

In case you need reminding, we are still in a volatile time and this could break in either direction. Is this a low volume consolidation day for another leg up? A set up for a "W" bottom retest (hopefully with a higher low)? Would either surprise you? I am thinking you need to be open to either possibility with a prospective bias towards the latter.

3:10PM CST UPDATE: Another institutional "throw away" at the close.

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