Market Sense and Sentiment

[bbgold]

Hi Steve,
I think that we just need to take each day one after the other here. Tomorrow I will be watching to see if 7900 will indeed Hold Support or if we will continue to decline (320SMA declining now). If we do Hold Support then 7950 and 8000 will be the next resistance levels to watch. Today looked a lot like just another Bear market rally to me, much like the move on Friday. Tomorrow we should find out if the Markets are going to have any legs to this rally. I Think that we are seeing a HOD at EOD and at Resistance here but we will need some type of verification tomorrow. I would not be at all surprised to see a move back to 7950 and then a retracement. Once again we will be back to watching the 100/320SMA and see if it will Hold Support. I really don't like it when we close right at the major levels but that has been what the markets have liked to do lately. The whipsaw could indeed continue.
Enjoy the Evening Steve! :^)