We have a count of 6 across the 89 line giving a high count of 95, where we currently are. 7 across 91 gives a high count of 98. We shall see.
Today was the high close for the recovery. We did not get the upthrust I described yesterday but instead had more of the same, narrow range, low volume close at the top. Today had some shortening of the thrust and again we have the possibility of an upthrust of the previous high. Conversely the SPY could easily go up another 10 points without any problem.
The qqqq has moved into new high ground for the recovery on narrow ranges with closes at the top and decreasing volume for the past 4 days. This looks like a set-up for an upthrust and any gap down opening with declines back into the trading range with heavy supply would be much welcomed by the bears.
We have a count of 6 across the 89 line giving a high count of 95, where we currently are. 7 across 91 gives a high count of 98. We shall see.
Today was the high close for the recovery. We did not get the upthrust I described yesterday but instead had more of the same, narrow range, low volume close at the top. Today had some shortening of the thrust and again we have the possibility of an upthrust of the previous high. Conversely the SPY could easily go up another 10 points without any problem.
The qqqq has moved into new high ground for the recovery on narrow ranges with closes at the top and decreasing volume for the past 4 days. This looks like a set-up for an upthrust and any gap down opening with declines back into the trading range with heavy supply would be much welcomed by the bears.
