We hit the FET of 5713 yesterday and pierced it a few points. Then we pulled back nicely, which has the look and feel of a top of some kind. Maybe we still have on more higher high in early August, I don't know? But this market looks very tired right now. I still don't see some big drop happening but we could have seen the high and will now start a choppy multi-hundred point range the next few weeks.
Something like an A down and B up basically, which again, should be choppy and drawn out in time. July is just not a bearish month, so odds are it will not produce any big move down. But the second half of August is historically bearish so I have to think we won't see anything big until then. As for today I don't have much to added as the technicals on the short term are hard too predict due to the light volume, so I'll just end it here.
Have a blessed day.
