The hourly chart is showing oversold conditions now for the green line which measures price. The two bottom indicators have rolled over and the blue line 3rd from the bottom measures the tick data and it has its highest reading since end of May. It is possible we could get a quick push up in prices here just like we did at the end of May when the tick data readings were last this high.
On the daily chart the green line that measures price has bottomed and turned up and the blue line which measures money flow is close to a bottom ... this has the potential of being very bullish. We could bounce around here from a pricing standpoint ... we will just have to wait and see. I think everyone is keeping an eye on earnings. For the day we were up on the Dow on light volume and the NYSE posted a 69% up volume day. Money inflow for the market was positive but small. If you are short I would make sure I have very tight stops here.
The hourly chart is showing oversold conditions now for the green line which measures price. The two bottom indicators have rolled over and the blue line 3rd from the bottom measures the tick data and it has its highest reading since end of May. It is possible we could get a quick push up in prices here just like we did at the end of May when the tick data readings were last this high.
On the daily chart the green line that measures price has bottomed and turned up and the blue line which measures money flow is close to a bottom ... this has the potential of being very bullish. We could bounce around here from a pricing standpoint ... we will just have to wait and see. I think everyone is keeping an eye on earnings. For the day we were up on the Dow on light volume and the NYSE posted a 69% up volume day. Money inflow for the market was positive but small. If you are short I would make sure I have very tight stops here.
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