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Wednesday, June 22, 2011

Wednesday

18:42

The Squeeze gave us a small rush to 1275 after we broke the bottom tine.
Now at support.
200 DMA is less than 14 points away.
Today's low volume continues after hours.
A real break down will require better volume.
I'm still looking for something around 1300 before we break down.




Bernanke is speaking right now, but I get that he is not going to say anything definitive. The market is sitting right on the bottom tine of the upward fork. So it's a wait an see situation again.

But the 15 minute chart has developed a Squeeze which should cause sharp reaction in the near future.




12:06
About 2 more hours to go until the Federal Reserve announcement.
Volume is low compared to the 5 day average. Internals are sluggish so the market will probably tread water till 14:15.






10:30
Up until fork is broken
There is a Squeeze developing on the hourly
1297 is the next low volume area
Near the 20 DMA

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