Saturday, July 6, 2013

Outlook week of July 8, 2013

In spite of all the negative news from around the world we got more upside than I expected.  Interest rates on the 10 year popped on Friday (usually not good), oil was at a several months high (usually not good), Egypt seems ready to "blow", unrest in Portugal , etc.  All seemed to take back seat to the employment numbers, which seemed a bit strange as part time jobs added exceeded total jobs added (that implies loss of full time jobs?).  

It now looks as if we have a setup for a down week.  The gap down from several days ago appears to have been filled (was needed before the market proceeded down?).  Also we now have move cycles lining up to the down side. Here is a daily S&P 500 chart:

Here is a weekly chart (shows longer cycles better):

July 8 - 2:21pm EDT


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