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The latest from the
IndexHunter session 07/28/2009 Major Market Averages - no technical change in the major markets. Hourly charts since 7/23 show loss of upside momentum which should have had you out of call options, but nothing of consequence other than we don't want to pay for sideways motion. MTH - had an hourly Double Top with strong downside divergence on the MACD, but the Monthly, Weekly and Daily charts are all still strong. The daily has a pause but this will turn back up as long as the hourly continues to go up. If hourly goes down then it will power the daily chart and weakness could appear. XLE - If strongest stocks are beginning to weaken, take a look at weaker indexes like XLE. HES - still iffy, needs more conviction. OIH - Downside divergence and still very strong relative to the price, the daily is starting to flatten out. VIX - needs to come up based on the hourly indicator. |