Last week’s reversal off of higher highs is significant for trade this week. Discussed the seasonal trends in the Weekly section for your review, the only issue from last week’s action was the decline in volume in achieving the highs and the declines being met with the highest volume day on Friday in the midst of the declines and weekly close. While the market will still provide rallies (it should set a series of lower highs) prices should meet the rallies with additional selling. Key will be the volume in on days of rising prices vs volume on the days of declines. There are some interesting trends with bear spreads discussed in the Weekly section and keep your eyes on them in the coming weeks.
Major Support: $3.722, $3.58, $3.538-$3.511, $3.385, $3.368-$3.316, $3.198, Minor Support: $3.87, $3.821, $3.508-$3.485 Major Resistance:$4.054-$4.094, $4.187, $4.238
