I am going to keep it short tonight. Overhead resistance remains strong in the SPY. Shortly after the market opened today SPY moved sharply to the upside only to be halted by the 139 area (SPY) once again. This area ahas proved to be meddlesome for the bulls and until I see a breach and hold above this area I am still leaning towards a move lower. Several important inflationary indicators and retail number are out this week and should give the bulls//bears fuel (depending on how the reports are interpreted) to guide this market over the next few weeks. Have a great night!
RSI Wilder (5) for November 13, 2006
- SPY - 63.4 (neutral)
- DIA - 60.7 (neutral)
- IWM - 63.6 (neutral)
- QQQQ - 76.9 (overbought)
Andrew Crowder, Chief Investment Strategist, www.crowderinvestments.com