It is proving to show as resistance at the moment.....on the other hand the VIX is creeping lower! First thoughts on this attempt is that we haven't got much upside left. Yes we could go through 10400 or even hit 10500 but nothings changed. We are holding out at the highs in the form of consolidation and we could break resistance but I'm not buying yet......
We're seeing a relief rally from 10,000 to 10260 then a breakout and maybe 10500 max.....Overall picture not changed....
Remember the breakout at 10850........the excitment was immense let alone 11,000 we were getting optimistic calls of 12,000 and we got 90 points upside max from the point of breakout to the high close......
Yes we could see higher price action......but I'm skeptical although I was about the only person who was suggesting 10,000 would be a heavy hold along with 10200 area of range....when nearly everyone was ready for 9800.....
Yes volume was better yesterday but nothing too decent.....and don't forget the volume of GM.....It could be that it was short covering....most long term investors may have had stop losses just above 10300........
We could even see a wider range from 10,000 to 10400-500....
