Monday, July 13, 2009

07.13.09 - Up Move into Earnings

S&P 500 futures rallied impressively off their Sunday/ Asia trade lows, were rejected by their five-day moving average, then catapulted higher back through the recent head and shoulders neckline on what has evolved into very strong cumulative tick and advance - decline action. However, I see the NASDAQ 100 continues to struggle with R2 and we are in the afternoon doldrums momentum-wise.

As of the mid-day, it looks like we can carry this on through the afternoon session, though I wouldn't be surprised to see a last minute ditch with uncertainty remaining palpable. Today's graphic provides a look at one of my primary work spaces.

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