Having bumped up against formidable triple resistance - the 200 day moving average, the neckline of the H&S pattern, and the downtrend - the market is lining up for another test of the resistance area. This is the first serious challenge to the October rally. The next few days should prove clues to the subsequent market direction. I am not biased towards either direction here as the market has worked off its oversold condition and is sitting just below significant resistance.
