Monday, July 6, 2009

7/6 - Market Analysis

Bears bout to ruin the bulls...


SPX - support holding


SPY - bearish pullback


DJIA - support holds


OIH - H+S confirmed breakdown


USO - at 38% fib...bearish


UNG - new lows, very bearish


VIX - resistance holds


ETFs - energy lags


HEAT - mixed


Analysis: hmm...the pullback today was expected....problem i still see for bears is VIX as it might have trouble breaking past resistance so instead of a true breakdown very soon, we might get another fakeout bullish bounce then finally drop...energy is breaking down very nicely and if there is more weakness in the indexes tomorrow, u can just go full out shorting energy related stocks...

No comments: