Thursday, May 7, 2009

05.07.09 - (Another) Gap Filled

This market continues to be subject to large intersession moves. Like yesterday, today's gap was quickly filled and we have been running sideways into the midday after support near the daily pivot just above the rising five-day moving average. Cumulative Tick is slightly net negative, but neutrally sloped with down volume slightly outpacing up volume. On the bullish ledger, we can say that price has shown stability within yesterday's range at key levels, and the VIX is on a gentle down slope.

I am prepared for more noise ahead of the ultimate "test" release, but this early in the game its hard to divine which way that may play, if it all given the many pre-releases.

No comments: