Had it not been for today;s big drop, the weekly chart would have been quite a bore, not that it is that thrilling right now. We got our first real down week in quite a while, but volume was not that significant. We failed at the pivot point of the trading range I have for this after a breakout last week, but that may be just enough to give the market more ammunition for another move up, but I can;t help but feeling we are overdue for a test of the 10 week average, and i think we will get it.
Has the euphoria over QE worn off, or has the market been slapped with a dose of reality? It's too early to tell, and we have a lot of room before we challenge significant support.
I will have the new highs update shortly.