Folks, there's a general likelihood that the 26th of any month gives a buying opportunity, as fund managers start buying in anticipation of new-month, new money. Will it work this time? Perhaps - but we also know there are many cross currents going on now. Here are a couple of other thoughts: one, there's also a general pattern of the markets going higher on Thursday/Friday, than they were on Monday/Tuesday of that same week. At least when there isn't a sharp downtrend in progress. Plus, Terry Laundry with his T Theory (readers still checking there?) is showing a T that points up into August 26 or so, and the market made it back over $SPX 1090. I'll post Andre Gratian's weekend technical analysis Turning Points update later today. Meantime, the above are my collection of thoughts which I can eke out despite my immersion in my residence move (what a load of work! Ugh! Although the sailboat part is coming along well... :)
So, we're fortunate once again to share the ChartsEdge insights of Mike Korell (thanks again Mike!) from his webpage at http://www.chartsedge.com/wp/
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ChartsEdge Weekly Pattern Recognition Charts
Posted: July 25th, 2010 | Author: Mike Korell | Filed under: One-Day Market Map | No Comments »
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