Tuesday, August 7, 2012

Let's look at these 2 scenarios...

We have eased off the highs after coming just shy of the May 1st levels, basis the S&P Futures.

We are now creeping down towards the high volume level of the day, which is 1399.25. If/when we get there, two things could play out:

We stop there and get a bounce back to the highs OR we slow down, build some value and then trade lower, to the open first and then yesterday high volume level at 1394.

Breadth is still ok (currently just over +1k), but like yesterday, is easing off it's best levels.  This will have change to give the Bulls a shot in the arm.


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