Market commentary for 06/16/2010
I don’t have much to say about Tuesday's action. It was opposite of my expectations and my focus and because of that I fought the trend all day. On the 60 min charts we can see that Tuesday brought nice book trend day with gap up after the open and with close at high. CCI is obviously lower, volume was light and it is many traders covering shorts once the S&P broke above the 200 day moving average. Until volume confirms a new leg up risk will remain high. With the down trend technically over we see the next resistance on the weekly ....
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