Last Week of the First Quarter (2nd Rendition, no real change from Monday)
An open this week of 4008.00 shows us a market that is fighting to stay higher. Last week's high, after the FOMC announcement was 4073.75. Above that level, the market may focus on the January high of 4109.25. We have been above that level, so don't expect much resistance, but a rally could stall around that area as if it had reached a target.
On the short side of the market, the range between the open of the quarter 3895.00, and the open of the month 3968.50, should be the contested ground this week. However, as the bulls have decided to push higher, and away from making this a contest, the bears may just have to wait, unless the market starts falling, and enters that contested range.
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