We failed to break over the 1184 area today. We tested it early this morning and then backed off. Most of the day was spent going sideways in a very tight range.
We could get a quick pop on Monday morning. The sideways action is not bearish, it looks more like a set up for a pop on Monday.
1189 and 1195 will be the key pivots on the upper side of things. 1171 and 1159 are the key downside pivots if we make it down there.
Last weekend I talked about how I believed that this was not a new up trend. Another good arguement for that is the amount of gaps we have beneath us.
We have about 5 pretty significant unfilled gaps in this rally, usually this is unhealthy for a market. The gaps down there are left open for a reason.
I will try to have more over the weekend, perhaps another video.
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