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*Please make sure you understand how to use the table above. The main purpose of this report is to provide information so contradictory signals are always presented.
SEASONALITY: JULY IS THE BEST PERFORMING DOW AND S&P MONTH OF THE 3RD QUARTER
See 07/02 Market Recap for more details.
INTERMEDIATE-TERM: REBOUND THEN MOST LIKELY THERE’LL BE A 2ND LEG DOWN
See 07/02 Market Recap for more details.
SHORT-TERM: MAINTAIN INITIAL TARGET 1075ISH AND TIME TARGET AROUND 07/12
I see 2 minor bearish signs today. They don’t mean that the market will start to pullback tomorrow, but short-term (within 5 trading days) could be bearish. This fits well with the pivot date around 07/12 I mentioned recently. So maintain the forecast of the initial price target around 1075ish and time target around 07/12.
6.4.6a QQQQ Black Bar Watch, QQQQ black bar usually means a short-term top could be very close.
6.4.4 SPY Price Volume Negative Divergence Watch, SPY rise 3 days in a row but volume down 2 days in a row, short at today’s close, it’s generally profitable within 5 days. If you pay a little bit more attention on the chart, you should find it too argues a short-term top could be very close.
HIGHLIGHTS OF THE OTHER ETFS IN MY PUBLIC CHART LIST
*DTFMS = Dual Time Frame Momentum Strategy. The signal is given when both weekly and daily STO have the same buy/sell signals. Use it as a filter, don’t trade directly.