Tuesday, July 19, 2011

Comments and outlook for 07-20-2011

Update 11:00 am EDT - Sideways, bias neutral so far.

I had the direction right for Tuesday.  The extent of the push up (aided by a possibility of a deal on the debt limit) was more than anticipated. 

Well AAPL just WOW ed  with their earnings report, so expect this to boost the tech sector tomorrow.  The 11.2TD cycle is still up.  So is the 5.6TD cycle.  The 2.8TD cycle should be down.  The 22TD cycle is up and the 34TD cycle is down.  The longer 20 week and 65-70TD cycles provide some downside push.  The cycles should have an up bias tomorrow and AAPL will help accentuate that bias. 

Here is a visual using the SPX:

GL traders.  Go with the flow, don't fight the trend.

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