Stock Market Hits Major Resistance at Gap

By: Marty_Chenard

Update on the SPY's one year gap ...

It was just a little over 1 year ago, October 3rd. of 2008, when the SPY gapped down sharply. That gapped remained open until October 15th when it was finally closed.

That gap was also a major resistance level to reckon with. So, what has happened since October 15th?

The SPY has NOT been able to move past the 109.68 level.

As time moves on, the odds for moving past that level have been diminishing.

Why? Because our C-RSI (market strength) has not only been negatively divergent, it has also been dropping lower. (Last Monday, we commented that "Negative divergences are warning signs" and that has NOT changed.)

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By Marty Chenard
http://www.stocktiming.com/

Please Note: We do not issue Buy or Sell timing recommendations on these Free daily update pages . I hope you understand, that in fairness, our Buy/Sell recommendations and advanced market Models are only available to our paid subscribers on a password required basis. Membership information

Marty Chenard is the Author and Teacher of two Seminar Courses on "Advanced Technical Analysis Investing", Mr. Chenard has been investing for over 30 years. In 2001 when the NASDAQ dropped 24.5%, his personal investment performance for the year was a gain of 57.428%. He is an Advanced Stock Market Technical Analyst that has developed his own proprietary analytical tools.  As a result, he was out of the market two weeks before the 1987 Crash in the most recent Bear Market he faxed his Members in March 2000 telling them all to SELL.  He is an advanced technical analyst and not an investment advisor, nor a securities broker.

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