June 21

Very interesting/odd week:

Monday: Gap up and breakout of the last week's congestion

Tuesday: Strong move up right to critical resistance. The Daily System *almost* issues a buy signal (just a couple of points shy), but midday the market pulls back.

Wednesday: Usual Fed day shenanigans, but the second move in the afternoon was strong enough to issue a 60-minute sell signal. The Daily System is still holding just short of a buy signal

Today: Huge sell off. The market turns away from the Daily buy signal.

Lot of weirdness at play here, but the 60-minute system looks like it could be leading the way. The Daily System is showing the market has lost its nerve right at a critical resistance level and so the sell signal from 6/01 still remains intact (despite continuing to be pretty far underwater).

Looks like next week will be another 'interesting' week.