Hello MarketClub members everywhere. It's Friday and a lot is going on in the markets. I believe that the sharp rally in the indices will fizzle out in the next five days and they will move into a trading range before heading lower.
The reason I say that is because all three major indices are in what I call "thin air". What that means is that they are all above their 50% Fibonacci retracement levels and close to their 61.8% major resistance areas.
Here are the areas for the DOW, NASDAQ and the S&P 500. [Read more...]