i say...we can go either way from here
SPX - rectangle resistance
SPY - resistance holds to the penny
COMPQ - bullish
RKH - stage 3
USO - ready to fall back lower?
UNG - already has 1 foot off the ledge
VIX - finally got a new low
ETFs - how weird is it to see SPY stronger than any of the individual sectors..a first for me
HEAT - mixed bag...slightly more bearish
ISEE - bearish divergence
Analysis: stalemate is what we are going through. a new flow of bulls must step in soon or else we are destined to go back down into the trading range...seeing how its summer, cycle traders must be thinking we are bound to go back into the rectangle and resistance holds...fundamentalists are most likely thinking that we are overbought and the earnings still have not caught up to the value of stocks yet so we need a correct lower...as for me, a technician, i will just follow the trend...nearterm its good to hold longs, and longterm i am just unsure...and when i mean longterm, i do mean 5 days...i have no idea what will happen next...i see mixed signals but to simplify it a lot, its bascially a question of which is more important? tech or energy? energy looks very ready to fall back down but tech is nicely in virgin territory and ready to rally more...energy brought us lower last week, this week, tech is bringing us higher...it all depends on which sector remains king next week...
