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Looking up

Posted by Dan on July 13, 2015

After another difficult Greece-dominated week stocks are trying to climb back. The lunar green period continues this week and that should support some kind of rally. Here is the current Nasdaq chart (click image to enlarge it):

Nasdaq

The market appears to have bottomed out last Wednesday. The Earl indicator (blue line) is turning up from a major low, while the slower Earl2 is still going down. The MoM indicator is turning up as well.
I think this setup bodes well for a rally to 5100, where some overhead resistance is likely. A drop below 4900 would clearly spell trouble.

For the fans of my reversal levels, check out the latest weeklies: http://www.reversallevels.com/2015/07/wrl-july-11.html

The daily reversal levels are available on Scutify as premium content every day: https://www.scutify.com/profiles/LunaticTrader

Danny

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