I still believe we made a major top 13th july as called and its holding up well. If we really could not rally with the best earnings ever, what does this say to you ? Markets will be heading down a lot near future, most earnings already priced in and fundamentals still very bad. Asian markets down overnight and yesterday we started to break the rising wedge, now we are in a bearish descending triangle, which could breakdown BELOW 1088(thats the number, if we break this, short the hell out and load the boat) because it will get UGLY. We have a bearish divergence on 60 min chart and the ADX line tips lower. On daily chart we made er perfect evening doji star and that will be confirmed if we breakdown today. I remain very bearish and my first targets is 1040-1050 which we actually COULD reach just today in a crash if JPM earnings miss and bad economic data comes out... it will get ugly. But we will see, I still believe markets going down to around 9000 dow jones by september, so low risk to be shorting now.
Have a nice day
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