The Rally Needs Fuel

Resistance at the all-time high is stiff and buyers are not aggressive.

PRE-OPEN MARKET COMMENTS THURSDAY - Yesterday the market was within striking distance of the all-time high, but the SPY didn't quite get there. That is the benchmark I use because it is continuous relative to /ES futures which have quarterly expirations. The volume during this bounce has been dismal and the price action the last few months has been very choppy. We've seen many dips and every breakout has been challenged on the way up. This is a sign that the rally is tiring.

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