The NAS stalled out at the 55sma today once again after a promising bullish move on Monday. The red box highlights the area of heavy resistance. Coupled with the 55sma there is also the reverse H&S neckline and the 618 FIB. Although many traders are expecting a break higher I believe many are also expecting/waiting for a compound correction. A measured move would take the NAS back down to the green box and the 618RT. So its either a trip back to the highs or a deeper correction. Its more or less impossible to predict which side will win the current battle. Best to stay neutral until a key level is breached.
