Monday, August 6, 2012

Pause or pullback likely

Pause or pullback is probable, but nothing to be worried about

The calculated scores for today indicate a pullback is likely tomorrow.  The 4 hr chart score is very high, however the RumWave shows a positive trend through at least mid August.  I am continuing to Hold my 
bullish positions.

The 4 hr chart (above) slow stochastic is at overbought levels.  It will probably move back down a bit.  Of note, the RSI is displaying a bit of a bearish divergence.

 The Daily chart (above) also shows us to be at high slow stochastic levels.  I think a little give-back may be in order.  We may have seen the start of it in the last 30 minutes of trading today when the market gave up steam drooping from +70ish to +20ish.


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