Well we got a nice rally from the lows yesterday , which I really didnt expect would be that great. We are now at a point were we either do or die ! Either I am going to get stopped out on my shorts if we get above MA(50) and trendline its around 1090 SPX , but I want to see some big powerful volume on that move , if not it could be false.. My projection target end of july is still below 1000 SPX, so lets see if we will get a reversal from opening today or we bust the resistances here and move higher. So today will tell the story. I still believe that the major top was 13th july and we are about to make a lower high under the 1099 level, which was the highs. IF we just explode today above this level, then we are beginning of a trend up with higher highs, but until now watching the daily chart and weekly chart we are STILL making lower lows and lower highs. The stochastics still overbought. The inverse ETF's just closed at support and indexes closed at resistances, so we will see if we will get a big breakout today or just sell off the opening. Statistics tells us that these 2 days is the most bearish ones in july, so we will see how bullish it will be. All in all , I am still short and fundamentals is still very bad.
Have a nice day !
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