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Thursday, June 26, 2014

Daily update 6/26

Got sell em, got to sell em, no wait, got to buy em, got to buy em.  Make up your mind people.  Here is the daily SPX chart.

The market sold off hard right out of the starting gate, but only for 30 minutes.  Then it was up the rest of the day.  The bounce came from the 18 SMA, but that left us with a hanging man bar or is that a hammer.  Price was not at the high for a true hanging man, but we probably have not pulled back enough for a true hammer either.  Lets have a look at the futures chart.

The futures bounced off the 50 SMA this morning, but they found resistance at the 18.  We are essentially right where we were last night.  However, the 6 SMA has turned up a little bit this time.  That should make the upside easier to come by tomorrow if the bulls show up and want to take it higher.  On the flip side we made a slightly lower low and a lower high.  If the bears show up again in the morning I don't think it would be too difficult for them to get some selling going.  So in other words this could go either way, but the bulls path tomorrow would be easier then it was today.  Will they test the all time high again?

This year the biggest pullbacks have happened in Jan. and April.  Those are the first months of the quarter.  Will that pattern repeat or now that I mentioned it is it vanquished forever?  I would not be surprised to see the bulls hold on to quarter end.  Then we get into July and see what happens. 

There is a good video in this article well worth the time to watch.  However, if you are living in la la land and believe that everything in the world is just fine and dandy you might find it disturbing.  If you want to stay in la la land you should skip it.  If you are like many people that feel like something just isn't quite right you might find it quite illuminating.  "Three Es Suggest Massive Change is Upon Us" Chris Martenson's Accelerated Crash Course.  This isn't about the stock market.  The three Es are the economy, energy and environment.  It is about an hour video and very well done.


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The information in this blog is provided for educational purposes only and is not to be construed as investment advice.