Daily
Chart Prepared by Jamie Saettele, CMT
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-“The push above the line that extends off of the April-June high negates anything bearish. Watch for support at 11970. A drop below 11918 (treated as the breakout day low) would indicate that this breakout was ‘false’. There is a warning sign from divergence with gold.”
-Friday’s reversal was on the verge of being resolved lower before China’s revaluation. Downside resolution is still possible of course but weakness below Tuesday’s low is now needed to be bearish…even for just a move to 11886-11918. A break above the tight range (on its 4th week) would expose 12123/41.
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