The good news and the bad news – the good news is that the upslanting wedge on the SPX gives an initial target of 1310 (and we aren’t far off that) – the bad news is that the Dow looks as though it has formed a head and shoulders top. Last night’s low stopped right on the neckline which really needs to hold. As I mentioned yesterday, it is now up to the bulls to prove their case whereas the evidence over recent days is on the side of the bears. But the RUT has already had four down days so we should be able to see a bounce fairly soon. I was looking for a low in my next timing box of 28th/31st July.
Upslanting wedge on the XJO with a little head and shoulders top on the hourly.
Silver’s range is getting tighter and tighter – the term a coiled spring comes to mind.
no one home wednesday
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Last
8,057.9 |
Change
58.600(0.73%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 7,999.3 | 8,083.7 | 7,999.3 |
| XJO (ASX) Chart |