Friday, July 2, 2010

Inside Day

Well a nice inside day today, even with a negative close this still has a lot of bullish potential. Inside days after prolonged down trends generally resolve to the upside on the next candle (as a GAP higher the majority of the time).

We have a lot of bullish signals at the moment, key support, extended oversold conditions so even if we just get some consolidation we should make it back to 1060-1065 at the minimum. Of course there is always the potential of a big down move and GAP below major support which would require us to open below 1000SPX on tuesday. This could be very news driven and we have to be careful and watch the markets on Sunday/Monday via futures and FX.

Again, enjoy the weekend and see you all next week (or Sunday night).

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