Market Update

April 4, 2011

The market seems to be stalling/finding expected resistance at wave 5 target and old highs.  Note the market OB and OSC turning down.  Also note OB turning lower on 55-minute intermediate term  momentum oscillator (yellow).

Given above situation…  If we break Friday’s lows now it would probably confirm a wave five high, and we’d look for a pullback to the 1304-1310 area.  This area also coincides with:

1.  Wave 4 low

2. 50ma and 20ma

3.  38% retracement level

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