Monday, July 16, 2012

More upside

The market managed to hang around the trend avg today and closed slightly above it. And in looking at the structure, it seems like there is an ascending triangle in play that is targeting 1365 and we should see this tomorrow if the pattern plays out. We're now more than half way through the month and the markets are about the same levels when the month started, which just favors the bullish side due to the lack of bearish advances despite several sell off attempts. Maybe the markets will start making big moves after the FOMC meeting in couple of weeks.

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