New Highs stock market exhausts over 2010

New Highs stock market exhausts over 2010

Stock Market exhausts over 2010 and buyers take a breather.

ES 12 14 Daily 8 26 2014 11 4 2014 267x300 New Highs stock market exhausts over 2010sp 500 Stock buyers are taking a break as we see on the S&P500 emini futures index daily chart.

Major Trend is UP  Short term trend is retracement

Today’s Projected range   1998.75 to 2020 On low volume

Resistance 2018, 2043,
2013 for a double top
Support to 1998 1986.75  Expecting strong support as price approaches the 2002 level
1898 for the 200MA
Capitulation to 1800

We have a few open gaps at 1988.25 and 1902.75 and the big one at 1850.25 Who knows when it will fill.

The buyers have pushed up on decreasing volume into this last gap up at 1988.25 so as we see the stock market exhaust watch for sellers to make a move to fill this gap and then probably a continuation with the major trend.

There is a good chance we will see some deflation as Oil is falling to new lows.

 

 

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