On the OEX.X, resistance is at 680 with support at 673 and 675, where it closed today. We saw the Dow 30 peak above our high of 11330 last week on both Monday and Tuesday. Most of the day was characterized by choppy trading and profit taking. The series of lower highs on Tuesday and the close near the low are signs that investors may be booking some profits and looking for more attractive entry points. We could see a retest of 11200 this week.
Buyers are there and the trend is up.
Resistance at 11350 may be difficult moving forward simply because of the massive gains during the past week. 11400 remains a long-term resistance from September 2000. It makes sense to see some consolidation after the recent breakouts we have seen. These pullbacks should be welcomed by traders as opportunities to participate in the new bullish sentiment. The breakouts are evident of that feeling and will continue until proven otherwise.