Resistance Area

Its happening the overall market is pulling back from weeks of up trending move. I have been anticipating this to happen but also cognizant that the market can continue to be overbought much longer if it wants to. No human being one can control that.

We are not sure how long this pullback will last so be careful let the market show its hands. The major indexes DJIA and SP-500 are below the 200 day moving average. The Nasdaq Composite has tried but failed to overcome that average. If the market can able to resume its up trend there will be a lot of set-up for low risk long trades.

For the now exercise patience and remember the big picture remains the same the overall market is still under a longer term down trend.