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Exceeding Prior High May Prove Difficult

By Dick Arms

 About this article:
 The hesitation that began back on Sept. 23 continues to restrain the markets. On the first chart below, it is seen that the S&P 500 stalled right at the prior high on Monday. Volume was lower, based partly upon the fact that it was a holiday but also a test of a prior high is typically accompanied by a slowing of trading. Tuesday's lower low and its penetration of the uptrend developed since the start of the month warn that exceeding the high may prove difficult. We seem to be seeing a slowing of the long advance we have been in since March. The second chart shows us the shorter-term Arms Index moving averages. As noted at the end of last week, the five-day is now overbought, calling for a pullback to develop in here. The 10-day moving average is going to become more overbought in a...

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