Call 911 - The Bears Howl for the Fire Department

Fires Run in Cycles Too. This Cannot Last Forever. Be Alert and on your Toes!

2 Day, 10 min. - July 30 - Japanese Candlesticks can be more easily read and interpreted if viewed in 10 & 15 min. segments. Less than 10 min. creates a chart that is too busy and significant signals can easily be missed. Double bottoms are seen in the chart above and could have been used in decision making.
20 Day, 2 Hour - July 30 - Most technical analysts had called for a "Correction" based on the observation of a Head & Shoulders pattern. This proved to be a "Phantom." Instead of a correction, a "Consolidation" sideways pattern developed which in itself is Bullish. There has now been a breakout through overhead resistance which in theory become New Support. This support around 96-97 on the SPY will be tested before the market can move to higher ground (if it does).
6 Month, Daily - July 30 - Longer Term picture is important to keep in mind to maintain perspective. Trading with the Trend can be significantly more successful than trying to Swim against the Tide (sometimes undertow.)