Gallant Charge Against The 12750 Garrison...

The bulls staged a gallant charge against the strong 12750 bear garrison and was stopped short. Is this a really bad sign that the 12750 resistance level is not going to be broken? Not necessarily. The earnings season that started today put some pressure on the financials and that has been widely expected so far, hence the low trading volume in the market today. If the bulls are able to stage a charge with such a low volume, imagine what happens after the volume starts kicking in. The bears were able to stay strong today because the "last straw" (if you have been following my posts for the past 2 weeks, you would know what the last straw is) got a boost today from OPEC's refusal to talk about further production boosts until September, giving some support to oil prices. Oil is once again at a strong resistance level, failing which we could see it come down once again. I remain optimistic until I see significant changes.