Technically this chart looks like it could turn here based on past indicator positions. Look at the top on 6/21 and compare the indicators now. Actually slightly more overbought this time and extended. Volume is pathetic. One problem I have is that the MACD hist is still climbing, and I would like to see MACD over 0. Another is that the VWAP upper band along with price has not made the upper BB. Price has closed above the resistance line. It could turn here, but I'm speculating it has a little more room to run. On the 60m minis price is clearly being supported by the 50ma. If we can get that to crack, I'll be a believer in more downside.
Now tomorrow has earnings and economic reports that will be conflicting. It will be interesting. We all know how the economic reports have been humiliating to the Keyn's throng at the Fed and government. We've wasted 25 trillion on nothing and now QEII is coming. Maybe this bit of news will help Incarnates fall now theory - China Has Been Covertly Funding A Housing Bubble Five Times Larger Than That Of The US: 65 Million Vacant Homes Uncovered (minis have not reacted to this report at all) (wonder what our shadow inventory looks like?) Hell, just short the fucker and come back in a year and collect your winnings. It should be that easy.
Tomorrow will be interesting and so will friday morning - ODA I'll provide you an earnings link - It looks something like this and is in every morning post I do.
Earnings Calendar -
Economic Calendar -
