Monday, November 2, 2009

11.02.09 - Quiet Consolidation?

What to make of today's trade?  Currently we are running sideways on good volume and have respected the Friday lows.  On an absolute basis internals are positive, albeit trend-less for the most part, maybe slightly negative just now.  It may be we keep range bound going into the FOMC statement later in the week.  For now I'll put daily support at the opening dip and resistance at the declining 5-DMA/ R1 (SPY $103.90-105.75).

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