I am conflicted. It looks like the stock indices should put in one more big white upbar to get above the late June high (SP 1654) but 60 min RSI is already extreme and crude oil looks like it topped. The euro is also bouncing around its lower BB and not to far from its weekly lower BB.
There was a red flag today with the SOX down around 2.2%.
Interesting……..crude oil could be topping out here at $104.
In May 2011, it topped at $114 and the alltime high on July 7,2008 was made at $149 so alot of vibrations made around the 14 number. It also put in the many white upbars in a row pattern culminating in the biggest upbar on Friday when the entire bar was made above the upper BB.
There’s a chance today could be the rebound high. No decision has made by the euro finance minister’s meeting so far and it is hard to get any information on it anyway. And the trollosphere has been unusually silent on the matter so far. Normally, they like to promote these quagmires before they get resolved and the short squeeze ramp ensues. A decision could be put off until after the close.
Nasdaq is only up one point. SP up eight. I’d expect that today would have been a bigger up day. I need to investigate some things first though.
Red, what was the fp on slv. does it mean silver going to 35.20. I think there was fp for spx: 1600. someone saw fp for 10 yr bond rate at 3.8%
ES charts: http://niftychartsandpatterns.blogspot.in/2013/07/es-chart-analysis_10.html
Gold triangle update: http://niftychartsandpatterns.blogspot.in/2013/07/gold-triangle-update.html
Waiting on the FOMC minutes I guess… http://screencast.com/t/AUkG9OTOkdX8
ES Chart analysis: http://niftychartsandpatterns.blogspot.in/2013/07/es-chart-analysis_9.html
The middling white bar put in by the SP does not look like a topping bar.
I am conflicted. It looks like the stock indices should put in one more big white upbar to get above the late June high (SP 1654) but 60 min RSI is already extreme and crude oil looks like it topped. The euro is also bouncing around its lower BB and not to far from its weekly lower BB.
There was a red flag today with the SOX down around 2.2%.
I will still hold out for a high on Wednesday……
Interesting……..crude oil could be topping out here at $104.
In May 2011, it topped at $114 and the alltime high on July 7,2008 was made at $149 so alot of vibrations made around the 14 number. It also put in the many white upbars in a row pattern culminating in the biggest upbar on Friday when the entire bar was made above the upper BB.
Never mind. It looks like Greece’s lifeline was just extended. No real urgency now. The markets don’t appear to be reacting at all.
There’s a chance today could be the rebound high. No decision has made by the euro finance minister’s meeting so far and it is hard to get any information on it anyway. And the trollosphere has been unusually silent on the matter so far. Normally, they like to promote these quagmires before they get resolved and the short squeeze ramp ensues. A decision could be put off until after the close.
Nasdaq is only up one point. SP up eight. I’d expect that today would have been a bigger up day. I need to investigate some things first though.