Tuesday, May 21, 2013

5/21/13 - EOD Update

The bulls were able to overcome the bear count option that was presented last night. After tagging 1675, the market reversed course and is trying to breath some life into the bears.

However, a potential ascending triangle may be in the works here if the bulls plan to continue working up the channel.

I'm not thoroughly convinced the bears have any chance at the moment. One thing that may give the bears some chance of at least a pullback is the cup and handle target (weekly chart below) has been met. I posted an update to that chart several months back. Heck I posted the notion of a cup and handle two years ago here.

We'll see, some consolidation would not be bad for the bulls so pullback to 1620-1650 wouldn't hurt. We'll see.

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60 Min 
Still watching what MACD does here as it compresses.


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