Good Evening
A very short update, as I want to see how this week shapes up. On Monday, July 8, the market participants returned from the holiday with plenty of enthusiasm, sending the indexes up, on above average volume. The SP 500 closed at 1640, which is an excellent sign, and ten points above our prior overhead resistance level of 1630. July 8 price action resulted in a “gap” in which the low of July 8 was higher than the high of the previous trading day (July 5). This results in a “gap” on the price chart. This is a result of intense buying and accumulation, all of which are positive for the market.
Please stay tuned for another update later this week, as I want to see how the market does over the next few days. However, this is a positive start to the week. Lets keep our fingers crossed that it is not a one day fluke (I doubt it is…)
Thanks for reading
– Bill Pritchard
