26 Jan 2016 - Facing Resistance

Price did rise as per yesterdays blog, but it seems to be facing resistance at current levels.  This would not be close to the analysis I had yesterday and would need for price to break up and out of this level to fulfill the rally.  As the market is bearish, caution should be taken for those who like to dip-buy.  I have mentioned this before, but since we are getting the FED meeting and talking, anything can happen, but the larger risk remains to the downside due to the "Sentiment" which if you followed since June 2014, has had major impulsive moves to the downside even when there was a rally.  This is what the bulls are faced with now, and there are no confirmation yet of a bullish turn-a-round that could be lasting.

SEN: Bearish
ST: UP
PA: UP

The 60min 75MA is holding price at bay, but a break above tomorrow will accelerate things to the upside.  A turn down in the signal and into bearish territory is a possible entry point for shorts.