Nasdaq Composite Index (2174)

I have been blog commenting about a wall of resistance at 2200 since last May. After my October 13th comment, the index recovered from my suggested short term support at 2000 and it is now re-approaching 2200. Looks to me like the 2200 area is no less a wall of resistance now than it was in May of this year. It would appear that we might already be out of steam at 2174 on the short term.

Beyond the near term, I have commented on the possibility that we could be completing a huge "B" wave recovery, with negative implications. For the time being, we're simply moving sideways, and I'm satisfied with bias neutral.