Energy is a very important aspect to watch on the tape during the trading day. You can do this by analyzing the TICK which gives an indication of buy and sell programs initiated by large players in the market. We have not experienced high plus tick in the last few days which denotes that volume is not consistent or persistent. This fact makes me very suspicious about the credibility of this move, which seems to be somewhat slippery as the rallies can not hold. Technically we have resistance around 1110-1115, if the bulls can climb above those numbers with high tick then the move would legit with a close above 1130 sending this market into rocket mode. If the overbought CCT which stands at +213 continues to weigh on the market and we fall back and close below 1060 watch out! We also have a 30-Year bond auction today and we will see what type of asset allocation if any is present in the equities. To learn more about the daily CCT and methods discussed in the blog, please contact the office at 330.484.0331 for more information on the daily advisory service along with the upcoming seminars.