The Market Is Testing Major Resistance

Buyers have not been excited the whole way up and we know that because the volume has been light. Was the CPI good enough to change that?

PRE-OPEN MARKET COMMENTS WEDNESDAY – The market has been trapped in a range and the volume the last few weeks has been extremely low. This is what “basing” looks like. Buyers and sellers are paired off. There is support near the low end of the range and resistance at the upper end. This morning the SPY is trying to breakout of a wedge formation. A close above $412 would be bullish.

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