The bears are in serious trouble. The market has absorbed all of the bad news and selling. Yes it did break all of the trend lines and all of the other things that ever person looks at. But the market has not gotten killed.
Here is a daily chart. (I stated writing this yesterday morning and got too busy, I talked about it on twitter as well, chart does not include yesterday’s data) We have been stuck in a big range. Yes it has been violent at times but it has not done anything significant. We are range bound.
Below is a Market Profile chart. We are building a big bell curve.
The market is complacent, we have been price desensitized. Obviously I do not know where the market is going to go but as of right now I can tell you it hasn’t gone any where. If we get below 1230 than my premise is wrong.
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