Well we bounced off that DTL from the january highs again today. We're bouncing between DTL A and DTL B, hopefully consolidating here to relieve some overbought condition (IMO). Volume's been tailing off during the run, that could be attributed to summer doldrums; we've seen this before in the last few years, so I'm not letting volume bother me.
We're barely holding ajtj's wicked uptrend line there - that one's got to break soon, huh? It doesn't look so scary on the 60 min chart:
So we now have falling support in DTL A, with that nasty overhead resistance in the 1500 area - a more gently sloping DTL B which we've hit hard several times this year. A break above that line which sticks is berry berry boolish. I'd like to see us do it a little less overbought on the daily, though.
For next week, the key numbers are this 1470-1475 area on the downside and the 1497 or so area to the upside. We may well be range-bound there the whole week (that's my guess), but a break to the downside should be contained in the 1445 area if we are to stay near term bullish. I'm afraid that a significant break next week above 1500 would be short-lived, so if we get that I'll short that at least for a couple of hours <G>.
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