46 replies to this topic

[K Wave]

And here is RUT hourly..very possible stick save formation in place.

 

But back below the 900 one more time would likely be real bad for bulls.

 

[K Wave]

Hand-to-hand combat between bulls and bears in IWM between 140 and 141.  

 

Long term trend in IWM is down

Intermediate term is up

Short term is down

Very short term is up.

 

Fundamentals for IWM are poor.  But Mike Wilson's team at Morgan Stanley reiterated their bullish stance on cyclicals in their latest missive.  The idea is that cost cutting in the last few months positions most cyclical stocks with excellent operating leverage to boost profits for when the economy recovers in 2021/2022.

I think there is very good chance that if bulls do win this battle right here, that LT will flip back to up.

 

But if not, could see some ugliness into August.

[gannman]

for me it is close over 26500 on the dow 

 

then heading to 30 k imo 

[K Wave]

Trannies en fuego today...

 

If they manage to take yesterday's high soon, then bulls have likely won the big battle there....

[K Wave]

for me it is close over 26500 on the dow 

 

then heading to 30 k imo 

I think 26100 will do it...

 

SPX should be well beyond 3180 by then. (assuming SPX can even hold the breakout attempt over 3164)

Edited by K Wave, 10 July 2020 - 10:58 AM.

[kaiser soze]

The tape reeks of extreme distribution.  A late day sell-off or gap down Monday seems very possible.  On the other hand, if the Dow gets past 26050, I will begin to believe the bullish case for cyclicals. 

[K Wave]

Tran 30 min chart.

 

If that 200 kinks up before bears can take it out, bears could be in a world of hurt for a while to come....

 

[K Wave]

Trannies test yesterday high...may see a pull back from here.

 

But if it gets taken out later on, then bulls back in driver's seat...

Edited by K Wave, 10 July 2020 - 11:13 AM.

[K Wave]

or it may just plow right on through.....

 

strong action there today....

[K Wave]

RUT has reclaimed first key level.

 

next one looks to be about 1428.

 

Back above 1440, and bears likely got problems there