Thursday, August 7, 2014

Market Dashboard - Bullish signs present

Wednesday's market action was satisfactory to create the "C" wave I had discussed in the last post.  Now the RUM Wave indicators are appropriately bullish enough to suggest that the minor correction we experienced has likely ended.

Below is a Daily chart of the SPY.  A bullish move would be supported here by the following technical factors:
1) SPY has corrected to the bottom of it's price channel (red lines on top graph)
2) SPY has reached the bottom of a price point node (horizontal turquoise volume bars on top graph)
3) SPY price has reached the bottom of a 2 standard deviation Bollinger band (BollingerPercentB subgraph)


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