Monday, July 19, 2010

Intraday Update 19 July 2010

The SPX opened higher and rallied on until the NAHB Housing Market Index was released. After those numbers the market sold off and the ES broke down of the rising channel. The market found support just below Friday's low and has recovered since then.

I'm still expecting SPX 1080-1085/ES 1076-1080. We should get there as soon as today's high SPX 1073/ES 1069 is broken.

There is a fractal that concerns me a bit though. If we decline below today's low and didn't break today's high before we could sell off into tomorrow: