Sunday, July 15, 2012
Friday posted trend reversal day. Overall picture looks bullish but the slip outside of trendline on Thursday and not impressive volume is reason for caution. Also somewhat bearish is the failure of SPY to hit the upper trendline on its recent bounce up. Not enough to go short but something to keep in mind if the market falls short of hitting the upper trendline again. Sitting long but will be keenly eyeing breadth and overall market strength. Positive divergence was seen prior to this move up as seen in 60 min chart.