SHORT-TERM: STILL A LITTLE OVERBOUGHT
- Could see higher high as early as tomorrow.
- Higher high, if indeed, might not go too far.
- The name of the game is still to buy dips.
For 2 reasons, I believe we’ll see a higher high as early as tomorrow:
- 1.0.1 S&P 500 SPDRs (SPY 15 min), still is Rectangle therefore chances are little bit higher on the upside especially we had a head fake today which usually means the real breakout would be on the opposite side.
- 1.2.0 INDU Leads Market, INDU had higher high already today.
Why higher high if any might not go too far? Because my ultimate weapons for watching overbought conditions, T2122 and NYMO, are still pretty much close to overbought, so any small rise tomorrow would easily make the two go overbought again.
INTERMEDIATE-TERM: BULLISH JULY
SEASONALITY: BULLISH JULY
See 07/01 Market Outlook for July seasonality chart.
ACTIVE BULLISH OUTLOOKS:
- 09/27 Market Recap: 9 POMO within 20 trading days means 14%+ up in 3 months.
- 07/01 Market Outlook: Bullish July. Also one more evidence in 07/05 Market Outlook.
ACTIVE BEARISH OUTLOOKS:
- 07/01 Market Outlook: Market is a little overbought, could see pullback soon.
SUMMARY OF SIGNALS FOR MY PUBLIC CHART LIST: