Friday, November 20, 2009

11.20.09 - Downside Follow Through

Well, it has been a while since we have seen any downside follow through and here we have it. Nevertheless, the SPX has been able to hold the overnight lows just above 1,080 and price has been moving mostly sideways since mid-morning. Cumulative Tick has managed to repair itself somewhat, but other internals remain quite negative. With options expiration, it's more difficult than usual to call the second half of the day, though it would seem likely well see some binary option pin action between these 1,080 and 1,090 levels.

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