Saturday, July 10, 2010

Market pointing up for now..

Something like 14 system new buy signals as of the close on friday.  (none of which are inverse ETFs by the way) TRIN averages look bullish, the VIX is headed down, the ISEE is headed up, the 52WHLND turned up but still in negative territory, the mcClellan Oscillator is headed up but soon to be overbought, and my IFT bull/bear indicator has turned bullish.  So short term I see this market moving higher.. how much, not sure.  The 1080 - 1100 area looks to possibly be the next top.  More medium term indicators are still showing a bearish trend ... weekly indicators of TRIX, MACD, IFT, Linear Regression curves, moving averages, .. all pointing down.

the US buck has stopped at a trendline and near the 61.8% fib retracement, so it could be in the process of turning back up here, which is bearish for the market, however its indicators MACD, TRIX and IFT are still pointing down.  If it continues down, the next support would be 82.20 area.  Its now at 83.95

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