Further to my posts of July 16th and July 17th, here's how the current 3 days/candle closed today on the Major Indices.
On the 4 equity indices, we need to see further strength enter on the Nasdaq 100 and the Russell 2000 in order to support any further rally on the Dow 30 and S&P 500.
On the 3 Dow indices, we need to see further strength enter on the Dow Transports in order to support any further rally on the Dow 30 and Dow Utilities.
Unless we see further upside continuation on all Major Indices, we'll likely see an ultimate failure of the recent upward sloping channel which begins at the June lows, with a potential move lower than those lows, as these markets are looking tired, laboured, and choppy.
Furthermore, the SPX will need to overcome and hold above 84.00 on this 60 min SPX/VIX raio pair if it is to resume a rally. It's been rejected at this level on the last several attempts, including today's, so far, this month.
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