Wednesday, May 20, 2009

05.20.09 - Hanging on by a Thread

Daily gains for the bulls look to be in jeopardy as the SPY test of R2 came back down relentlessly to the Pivot on a falling A - D line and increased Down Volume led by the Financials (XLF) and Consumer Discretionaries (XLY). Nevertheless, this just puts us back into yesterday's range thus far and Tick could certainly be worse. We'll just have to see how this evolves, though I would not be surprised in the least if today's a.m. highs turn out to be lower swing highs set against the moves earlier in the month.

[FOMC Minutes]

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