Tuesday, January 26, 2016

Jan 26 - More bullish consolidation

For now, looks like yesterday's dip was a low volume shakeout.  We will need to see confirmation above this zone to resume the recent uptrend.

5 min scalping chart with some interesting intraday setups for consolidation zones.  That aside one can see the sideways zone which looks more like a base
Same with the 10 min frame

If we can get above this level 194-195 is around the corner where I would expect resistance to hold on the first attempt

 Hourly has potential to hit the first level of resistance soon
 194-195 will unload half of positions if and when we get there
 This was a critical chart today.  Confirmation of strong buying volume which should establish a short term floor in equities

Junk bonds still in uptrend which bodes well for equities short term.  Long term the negative divergence is a red flag




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