Running out of fuel

After Monday and Tuesday, explosive days where Bulls dominated the Market, today there wasn't that much change. If the rest of the week continues like this, it will be a signal of weakness. The S&P needs to close above the weekly resistance of 4,709 and the New Lows stay at low levels.

The chart below, a 39-min chart shows the action today.

The weekly trend shows even less changes since yesterday. Until the S&P finds a direction, another powerful rally erupts or the Bears decide to fight back there isn't that much going on in the Market.

The charts and the numbers (column G and H in the screenshot below) give the impression that the selling pressure is lower.