Wednesday, June 15, 2016

Jun 15 - FOMC bounce fizzles

Surprisingly the FOMC bounce did not offer much even though the short term time frames were very oversold so the downward trend continues.  I still remain short SPY and still looking for low 200's.

Stochs/ CCI still not in the oversold zone so I think the yellow box is still in play.

Resistance held and rejected today's action emphatically
 Looking for today to have been a pause in the way down.
 We got a 2 hr buy signal but it didn't offer much at all
 This chart is total speculation but would be interesting to see what happens if the rising trendline is broken and we form an inverted head and shoulders
 CPC put call ratio when peaking above the green line has recently been a great signal
 But it has failed in 2014, basically whenever it moved past the standard deviation so to speak of a pullback

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