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As stated yesterday, we sure have that look of being in the middle of the road here pinned between support and resistance. Market makes the call here. We either make a run for resistance and see what happens at that level or we start to head to support. We can tell you that a lot of stocks are base building and that's a positive so baring an unforeseen out of left field news recent support MAY hold. But stocks can base build for weeks or even months.
At this point we need to get to support first and see what the action at support shows us. So really lets just keep focusing upon it being a market of stocks with something for everyone long and short all while keeping a large cash position shall we.
Going into the weekend we have the Greek vote over the weekend and that MAY put a damper on market action the closer we get. We're sure a fair amount of people out there are not going to want to be long going into the weekend so we'll see. At the least it's a concern we have as we head into the weekend.
Overall we'd rather play it safe here on both sides of the market.
When looking at the 15-minute time frequency charts we say the makings of a potential head and shoulders top brewing. What we don't know is if it will complete or get destroyed by the indexes making another stab at resistance.