Pre Market TAO Wed 8-26-09

3 Doji Candles

Close....Very Seesaw day major markets squeaked out a green close.... 3 Doji Candles ..this action tells me the buyers are not as confident of more up side and the sellers are reluctant to jump in... in other words no one trusts this market... so we wait for a break up or down . we had reasonably good news today but really didn't get any feel of a rally...The market needs a catalyst to kick it out of this range . The Jobs report is due Friday AM so we will see what Mr. Market has planed after the open.
I really don't expect a huge correction but we should see narrow range sideways trading untill next week then a releaf move to 1000 before another move to Spx 1050
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11:30 et am spy bounced off pivot 10350 and is headed back down to S1 10261
Relative volume is up. overall tick is bullish ....expect another buy push on this dip
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Overnight Asia Rallied and Europe is selling off.

Es Futures have moved below a 3 day pivot range 1026 to 1029 and trading down

oil down

Gold up

US Dollar up

Durable Goods missed forecast

looks like the beginnings of a down day

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Bulls are still aggressively buying dips ....Spy dipped to S1 10261 and bounced back to pivot very quickly. This was supported buy the lack of neg NYSE tick below -750 the first half hour of trade

waiting for Crude inventory's and new home sales report due at 10 and 10:30 est