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Strategies & Market Trends : General market lab and commentary

SPY 675.37

-1.2%

4:00 PM EST

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From: Robohogs	7/15/2016 1:53:52 PM
	of 668

My TA metrics on the new stuff have now reversed back to positive (but again moving into early overbought extremes). This metric will explode higher on Monday with flat market or better as second day of Brexit rolls off. I have a smoothing technique also in place and on that metric we are not as overbought and reversing up from the center line. Using XBI counts, the cum A/D will still be a bit short of recent highs, but the buying intensity is higher - just fewer days up. The rally is now tracing out the April rally more than any others and as such, once the indicator then went overbought, we had about 5-7 more days higher for double top in low $58s. My best guess is we top this next peak somewhere north of $58 all the way up to fib levels in $60/61 area. We could go down, but this analog and an earlier one in March are the ones I had been tracking. I thought we got too far away from it but maybe not. Jon

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