Monday, February 22, 2010

02.22.10 - Pivot Bound

The S&P 500 is vacillating tightly around its daily pivot, but below its VWAP.  Internals are on the weak side, but up and down volume are evenly matched consistent with range-day trade.  Small caps have been certainly outperforming, as have been the banks (XLF) and transports (IYT).  Just now it looks like tick is catching a bid, how many up days would this make if they can turn this around?  In fact, it's really the energy complex (XLE) that appears to be keeping a lid on the S&P.

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