Hmmm

Note

Last week, the market had traded down to a key level that I was watching for an oversold bounce to develop from. The market obliged and we had a nice size rally into the end of the week, closing at our highs of the week.

We are now short term overbought and approaching a key resistance level, in the form of a Fibonacci cluster made up of the 38% retracement of the big swing down and the 62% retracement of the shorter, more recent leg. this will likely come into play as a ceiling, requiring the market to build up some steam before busting through.

I still feel we have more upside to be seen on the intermedate-short term time zone. I do not believe we just straight crater from here, but I'm surely not going to go on my beliefs, and instead go with the market.

Thought

I am still thinking we have more upside- I am watching but market is getting very boring here as most as waiting for Earnings Season and with that I believe the chances of us going higher is a much better play.
Stay light remember it is summer

Dead On

Dead on Sunday night on this bounce even yesterday when we dive I noted we should not be ready to call it a done deal, why? Well we have a lot of oversold signals and although the path of least resistance is down we just won't go there in a straight line so we have to absorb some of this oversold condition first.
Will be out for the rest of day.

Boring

Well a boring day brought in some selling. The bulls are so weak they could not even hold us up after a strong open. Still have two hours in the books and I don't believe we will die here

Boring

Boring day, got the expected bounce but it looks weak. Just watching to see what develops

S&P

Weekly chart on the S&P 500 here. Though I think we get a bounce in here somewhere I have no idea how far it will go when and if we do. Remember staying below the 50MA is very negative development.