Saturday, July 7, 2012
MTU Weekend Ed. - Consolidation (7/6/12)
With repeated tests of support and resistance in recent weeks and months, it’s probable that SP500 is still in a consolidation phase (Chart 1 and Chart 2 blue), with potential for an eventual upside resolution (Chart 3). A successful breach of the June low would be bearish, raising the odds of retesting the Hope Rally trend line (Chart 3) and beyond.
Chart 4 and Chart 5 offers near term tracking counts.