I had anticipated the DOW staying within the recent trading range this past week and it didn’t cooperate.  It just goes to show you that the market is going to do what the market wants to do.  Friday 9/11 printed a Spinning Top and a Bearish Harami which was followed by a Hanging Man at a Double Top.  Under most circumstances, the aforementioned confluence of indicators would have resulted in a bearish to flat market.

 The fortitude of this market is remarkable.  One of the thesis that I have ascribed to for the run into the end of the year is that there are some institutional investors that have missed a good portion of the move from March and they must show positive results or they will be sweeping floors and not managing a fund any longer.  There are still trillions of dollars sitting on the sidelines.  Much of this money is wrestling with coming to the party late.  If that money decides to get back in the game, we will have an explosive move into the end of the year.

 In the meantime, I will pay very close attention to the volume and the reaction of the market at key levels of resistance and support as my indication as to where we are going from here.  Following is my chart analysis on the markets.  Best Robin

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