SP futures found support at the expected point and are rallying. I switched over to September contract but the chart analysis remains the same.
Finally, the daily technical composite is still in buy mode, with a peak at +27, above the buy signal point of +22. This raises the odds of a return to +4 to neutralize the technical picture.
So, the net is a bullish picture for this week. If SP futures have a 30-minute close below their 30-minute, 92-unit M/A -.5% then I'll go short a little. If they go below the cash 5-minute, 380-unit M/A I'll go short some more. Until then I am flat and loving it. I have the OK in the rule set to go long but my heart just isn't in it.
Steve
ReplyDeleteIf we do not break out here to the up side, I see a double top formed. Is this a valid observation?
Steve
ReplyDeleteAt what point would you say, yes this is a double top and we are headed down? It looks like it could fall off here any moment, but I know it could tern up at any moment also.
Sentiment is negative now so a pop upward would cool it off. Investor's Intelligence is only 35% bulls. The technical composite is on a buy signal. I1 is up this week.
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