I analyze macroeconomic issues from a fundamental perspective, and I analyze market behavior from a technical perspective. Original macroeconomic analysis can be found here and both macro analysis and commentary can be found on my Caps blog. If you like or appreciate my analysis, please add yourself to my Following List

Thursday, June 21, 2012

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.
blog comments powered by Disqus