Market: I said yesterday: "The action yesterday was normal slop-up rally phase action. I thought the SPX would hold more of yesterday's gains. So I looked around to see if it was a concern. And what I wanted to see was on the WLSH, RUT, and NYA...full bodied daily candles with or without upper shadows. And so my GUESS is we fill those upper shadows over the next two days during the course of this meandering rally. But the exact nature of this rally is hard for me to envision because of its nature to meander in an upward direction. Moreover, the daily candles on the NDX and COMPQ look like bear flags forming for now. Maybe they can fix that look but it should be watched."
The guess was correct in that we are filling or have filled that upper shadow on the SPX. That is bullish going forward. The hourly is overbought and the weekly candle suggests to me that the move for the week is over and that today will be essentially flat. The hourly says we go down but seasonals say up so they should work to cancel each other out. Again, the meandering nature of this rally makes it difficult for me to envision but that is my take. Next week I think we will make a run at the highs on the Spx.
On the NDX front, the fast sto default(14,3) has made a cross from oversold territory and we had a shadow fill there as well on the daily so this thing may be righting itself for now.
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