On the hourly chart ... price is really overbought. This will interesting to see what happens next.
The daily chart still shows both the price and money flow indicators moving off the cycle lows and moving up ... this is bullish. The only item I would be worried about is a W formation in price or a double bounce. Today we had just over a 60% up volume day. Money inflow was not very strong and there was some buying on weakness of SPY. How high this market is going to move up in price is going to depend on the next chart.
The dollar is the key. If the dollar continues down in price ... then the market is going to move up. It looks like based on the green line that price is rolling over and the daily trend is down.
On the hourly chart ... price is really overbought. This will interesting to see what happens next.
The daily chart still shows both the price and money flow indicators moving off the cycle lows and moving up ... this is bullish. The only item I would be worried about is a W formation in price or a double bounce. Today we had just over a 60% up volume day. Money inflow was not very strong and there was some buying on weakness of SPY. How high this market is going to move up in price is going to depend on the next chart.
The dollar is the key. If the dollar continues down in price ... then the market is going to move up. It looks like based on the green line that price is rolling over and the daily trend is down.
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