Wed, Feb 9

After four days of gains the bulls showed some weakness and failed a 15 min. setup today at 1317.54. This gave the bears their opportunity to sell a 15 min setup but they couldn't get it done. With the possibility of a wedge forming at highs here its a wait and see situation. A break to the downside could lead to a pullback into the next full 50% daily move long at 1292.5 (see below).