I analyze macroeconomic issues from a fundamental perspective, and I analyze market behavior from a technical perspective. Original macroeconomic analysis can be found here and both macro analysis and commentary can be found on my Caps blog. If you like or appreciate my analysis, please add yourself to my Following List

Thursday, August 11, 2011

August 11

Not too shabby. We got another breakout day today with a move over 1173 while making a higher low. My 60-min Cycle chart definitively bottomed yesterday and now *all* of my secondary indicators have issued buys / confirmed the upmove.

So tomorrow (Friday) should be a follow through up day to confirm the breakout and uptrend. And in an ideal situation, we would like to see a green weekly candle, so a close above 1200. This would be a signal that this is a strong uptrend by not only strong daily candles up from the panic low, but a positive weekly candle (as a *potential* reversal hammer) and psychological close above 1200.

Let's see how well the 'script' and the 'performance' correlate tomorrow.
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