Wednesday, June 29, 2011

Market Update

I'm not liking the looks of these charts.

DIA

QQQ

SPY 1 min

SPY 5 min.

So far the 5 min charts aren't looking as bad, the charts in XLF, XLE, and XLK are all showing some negative divergences as well.

This is why I would have preferred a base yesterday, right now any pullback is difficult as it would most likely need to hold the breakout levels as to not look like or actually be a false breakout.

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