On the hourly chart for the Dow the green line is pointed up ... the rally is still in progress. The shorter term indicators below price are peaking or have peaked. I must admit I cannot believe the extent of this rally from the beginning of July. My hats off to the market. Price is still overbought from an intermediate standpoint ... watch out they can stay overbought. I would keep stops close to lock in profits if you are trading this market.
On the daily chart the green line has almost reached its peak and the money flow has rolled over and seems to be headed down. I still think we have a little ways to go (week or two maybe) before this rally is complete ... not to say we may see a down day or two along the way. Today we had a 66% up volume day for the NYSE with just under $1 billion of cash inflow for the market.
Watch out for this ... the Dollar stopped its slide ... at least for the day. If this reverses back up ... this will spell some weakness for commodities and equities. Something to watch over the next few days.
I would like to see the Transports confirm with a higher high than the end of December or January close. It would be nice to see about 3,800 or higher. If this occurs ... the major indexes will all have moved higher than the last market high in January. This could spell a major shift in the overall direction of the market and longer term economy.
On the hourly chart for the Dow the green line is pointed up ... the rally is still in progress. The shorter term indicators below price are peaking or have peaked. I must admit I cannot believe the extent of this rally from the beginning of July. My hats off to the market. Price is still overbought from an intermediate standpoint ... watch out they can stay overbought. I would keep stops close to lock in profits if you are trading this market.
On the daily chart the green line has almost reached its peak and the money flow has rolled over and seems to be headed down. I still think we have a little ways to go (week or two maybe) before this rally is complete ... not to say we may see a down day or two along the way. Today we had a 66% up volume day for the NYSE with just under $1 billion of cash inflow for the market.
Watch out for this ... the Dollar stopped its slide ... at least for the day. If this reverses back up ... this will spell some weakness for commodities and equities. Something to watch over the next few days.
I would like to see the Transports confirm with a higher high than the end of December or January close. It would be nice to see about 3,800 or higher. If this occurs ... the major indexes will all have moved higher than the last market high in January. This could spell a major shift in the overall direction of the market and longer term economy.
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