This market is getting ready to steel your money. Based on past price performance, I’m expecting tomorrow to close down. To come to this conclusion I've used my proprietary 5-Finger discount technique. Ok, I really don’t have any such technique but I can tell you that we have not had more than 4 consecutive positive closes this year.
There is much to be optimistic about. We have our second daily close above the 200 MA and today we made a higher high and higher low. Since I expect a pullback tomorrow, I’d like to see a positive test of the 200 MA.
<O
Look at the 200 MA on the monthly chart and look at the 38.2% Fibonacci retracement. I’d say 1015 is in the cards by August.
<O
For you I-Funders out there, the American Peso broke through previous support.
<O
If I’m worried about anything it’s the Dow Transportation Average. I’d like to see a break through both the previous 3458.23 high and the 200 MA.
Cheers
<O
There is much to be optimistic about. We have our second daily close above the 200 MA and today we made a higher high and higher low. Since I expect a pullback tomorrow, I’d like to see a positive test of the 200 MA.
<O
Look at the 200 MA on the monthly chart and look at the 38.2% Fibonacci retracement. I’d say 1015 is in the cards by August.
<O
For you I-Funders out there, the American Peso broke through previous support.
<O
If I’m worried about anything it’s the Dow Transportation Average. I’d like to see a break through both the previous 3458.23 high and the 200 MA.
Cheers
<O
