On Tuesday, I discussed the issue of the markets being stuck between various short- and longer-term moving averages. To wit:
"Despite those more macro-concerns, the market has had a phenomenal run from the 'Christmas Eve' lows and has moved above both the Oct-Nov lows and the 50-dma. This is clearly bullish in the short term for investors. With those levels of previous resistance now turned support, there is a little cushion for the bulls to hold on to.
The biggest hurdle for a bullish advance from current levels is the cluster of resistance sitting just