[E-MINI UPDATE]
----------------------------------------------------------------
So close to the 1100 level and it looks like we had a third kiss of the 50 day MA.
The market briefly crossed over the descending trendline but closed below it along with the 50 day MA.
No signs of weakening yet of the daily MACD histograms but I wouldn't be surprised if we saw a pullback soon, but then again, my 15 min count shows us possibly in a wave [4] (micro).
Given the run we have had the past several days, a play on a pullback with a clearly defined stop (trend line or 200 MA) may not be a bad way to go.
However, I do not have it labeled on the chart to the left but there is a possibility we are only on a 3rd of a 3rd wave up.
We are only in day 2 into earnings season so far the market has reacted favorably. It got me thinking, what would happen to sentiment if BP is successful in their attempt to cap/control this gusher.
E-Mini
As I posted the other night, the mini looks like it has a very clean impulse off the bottom without any truncation issues.
With the after hours rally into INTC's news, it appears a 5th wave up is in progress, with the chance that this too may only be the top of 3. It is fast approaching an old resistance level.
DOW DAILYThe DOW closed above it's 50 day MA and the descending trendline of Apr - Jun.
Still working it's way up the channel.
