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Let's Call It A Week

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September 17, 2010 – Comments (0) | RELATED TICKERS: SPY

The past four days has exhibited exhaustion on the behalf of bulls and an epic struggle for control of 1130 on the S&P. As I write this and reflect where were were at this morning prior to the market open, I am quite amazed that we are still trading below that critical 1130 mark on the S&P. Also interesting is that despite the S&P still managing to close up (albeit slightly), three out of the last four trading sessions have been marked by a doji candle. The last time we topped at 1130 it too was marked by three out of four doji candles, which ultimately let to a sell-off down to 1040. Whether that happens again is any one's guess.

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