Monday 4-13

11:30 A.M. We are stuck in a range. Good day so far if you bought 42's and sold 48's over and over. Looking for some resolution. Internals seem pretty muddled as far as giving any signals. Almost all sectors are red...we could be making a divergent high. Remember: Cash is a position too.




9:41 A.M. We have filled 1/2 the gap but we have formed a small H&S pattern and if we break that neckline I don't think we will fill the gap. If you look on a larger scale, the 2584 tick chart, you can see us possibly forming a larger H&S. My bias is to the short side. I am waiting for a gull gap fill...if we fill the gap I will be looking to get short. We have been fighting with the VWAP and PP all morning... we should see some resolution soon. Remember....stay nimble!



7:55 A.M. Looks like we have a gap to fill. If you remember my post from Thursday, statistically today is usually a down day. So I will be looking for a gap fill or half gap fill to sell into..provided we don't get too much upward momentum. You can also see that the overnight high is very close to the pivot so that should act as resistance. Then beyond that we have Thursdays high of 854.50 that will also serve as stiff resistance.