Not Out of the Woods

I discovered that a period 5 weighted moving average (without trying anything else) does a fairly good job of showing what the $TICK is doing. As we can see there is still some residual selling going...most likely profit taking before the Christmas holiday week. But the fact that we bounced of the resistance of the last highs shows that we are not out of the woods yet to speak. I think the market will break that resistance next week and go to new highs but its possible that it won't. It is hard to imagine it moving back down, especially since oil is now rangebound at $54-57 bbl.

The graph can be accessed from here: http://www.barchart.com/interactive_charts/stocks/$TICK