Tuesday, May 12, 2009

05.12.09 - Giving Some Back

We are seeing downside follow through today on increasing volume. I expect we may see stronger channel support between here and SPY $89.50, though there is no sign of that just yet. After the initial pullback to SPY S1, price action chopped along for several hours, but could not retake the VWAP and repeated tests of the ES-June 900 level could not hold. The best 'tell' through the chop was the persistently widening gap between Down and Up Volume, and a Tick that simply could not get motivated.

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