INDEX UPDATE
-------------------------
As previously stated, I feel that we will have another upswing to start by the middle of next week after a few days of a slight downswing or at least flatness, which we saw on Friday.
One slight strength to the market which is developing is that the NEW HIGH/LOW is improving, although not an extreme improvement. On Friday the the NEW HIGH for the NYSE was 154 and the NEW LOW was 63.
Not that it is in anyway conclusive but during the recent pullback the NEW HIGH/LOW ratio was either heading down, flat, or negative. So, in light of friday's flatness, the NEW HIGH/LOW remained positive and even improved over the previous day when the DOW was up 93. On the other hand NEW HIGHs in the 150 range is also not that great sincc, during the JAN-MAR strong runup, the NEW HIGHS were consistently in the 200-300 range, and the NEW LOWS were in the teens.
In other words, this slight strength in the NEW HIGH/LOWs should be enough to help push the market up higher after a small breather of another 1-2 days.
Again, still see the top to occur at the end of the month/1st week of AUG with the DOW topping off in the 9400-9500 range.
Jerry Favors is calling for a top around JULY 24
Seeya |
