Tuesday, August 4, 2009

Today's Market



Click for a larger image

Here's an interesting point to consider. There are two gaps on the SPYs daily chart. However, they don't conform to the basic description of exhaustion or continuation gaps which usually require high volume. The high volume is not always necessary, but it does help.

Simply put, this rally looks like it is getting long in the tooth and needs a pullback to move higher.