Wednesday, January 20, 2010

01.20.10 - Comeuppance?


Comeuppance?  Overseas performances were compounded by early earnings news today, pushing the SPX all the way back down to its 20-day moving average, which is proving initial support.  The last few days look more and more like a rounded top with a lack of new highs participation.  More immediately, I am looking for stronger resistance to this first reaction bounce between SPY $113.60 and $113.75 and we are otherwise in downside trend-mode.  I expect that this recent uncertainty as expressed through relatively extreme chop has to be taking a toll on bull psychology.

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