Tuesday, January 5, 2010

01.05.10 - Trend Day Plateau Retest

Yesterday's price plateau around SPY $113.30 has been tested twice and held on mixed economic news.  Like the news, internals are also mixed with Cumulative Tick net negative, mild yet positive Advance - Decline readings, and slightly outpacing Up Volume.  Even if we close within the day's range, that will mark higher highs and lows on on the daily time frame.  With the VIX continuing to fall, for now I assume we finish in the upper half of that range. However, I'd certainly like to see the Semi's and Small Caps start to come back into the green soon to preserve that outlook.

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