Wednesday, June 30, 2010

Small H&S bottom

There's a small (1 min) H&S base, but the volume is wrong for the pattern, in any case, a break above the neckline at $104.90 would signal a run higher to the gap area.

this is one of 4 3c type indicators that is positive, we also have one now in a leading negative divergence, explanation=watch price for that break above, if it totally fails, we should see a quick move down.

The indy above is inline on the 5 min SPY, negative on the 1 min QQQQ and positive on the 1-min DOW, all other 3C's are mostly in line to slightly negative on the 5 min charts of all 3 averages and slightly to very negative on the 1 min chart. This is what I hate, a lack on confirmation, but that is what is there and like I said, it's a lot of retail trading now so the readings aren't terribly important yet.

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