Click on the image at left to enlarge.
A few things are working against the bulls.
1. 1100 is a round number and many traders will take profits at round numbers.
2. Although we briefly put in a new high, the overall appearance is a double top.
3. Yesterday's candle was a spinning top and was validated as a reversal candle by today's trading.
The market is reluctant to push higher any further from its 200 day simple moving average. I expect a pull back short term to the 1076 - 1080 area. We could even go as low as 1040 and still be bullish as it would be a higher low.
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