07/31/2009 Market Recap: No Title

Summary:

The common believes are that the bigger picture is up.

Expect a short-term pullback.

Nothing new to say. The chart below is what I understand that most believes, just the price target and the time target are my best guess.

I have no idea whether the common believes are true or not. Just the “vacuum” between NYADV and NYUPV in chart 0.0.3 SPX Intermediate-term Trading Signals still gets me worried, though it’s not a reason to short, but personally I won’t long if I don’t see a little bit bigger pullback.

Short-term，After Bell Quick Summary has mentioned a possible red Monday. In addition, here are 2 reliable signals.

T2103 Zweig Breadth Thrust from Telechart, overbought.

T2122 4 Week New High/Low Ratio, overbought.

Besides, 1.0.2 S&P 500 SPDRs (SPY 60 min) and 1.1.0 Nasdaq Composite (Daily) have too many gaps, so I still believe at least one gap should be filled within a short period of time. The Tech Bullish Percent Index as shown below again hit almost new high now, so at least Nasdaq has a better chances to fill at least one of its gaps.