Monday June 29 2020
10 49 AM CST
I suggested this weekend that stocks were liable to rally Monday and that has happened now up about 400 points.
New Research suggests we may see a near term low in early July. That could lead to a nice rally into August.
Yes that is counter to what I have been saying but the market is making a stand at the current level.
120 Minute Chart
PMO has fallen enough to be alert for a reversal. Note it has reached the low last seen mid May.
With the 50 day MA now under the 87, one can make a case for the 50 87 125 coing together. That usually precedes a change in direction
240 Minute Charts
This is the third bounce at the 200 bar MA on this chart. The three shortest MAs are rising which will eventually raise the 200 bar MA.
Proxy Stock CFR
This erases the Friday loss. Notice how this looks like the INDU chart aboe, that is why CFR is a proxy stock.
And it has reached the previous PMO low in May where it bounced.
Next update after market close.
July 4 falls on this Saturday, expect volume to dry up Thursday Friday
Comments