First, if you’re not reading Cooper, you should be.
“Interestingly counting from the initial reversal in the S&P on May 23rd the current formation will be seven weeks old going into the first week of July, the seventh month of this – a year ending in seven, seven years from the 2000 high.”
Second, we’ve now had buying the past couple of days to shine those end of quarter statements up for investors. A Nasdaq buy signal today, ended with an inverted hammer. I saw plenty of red, while the indices flashed green. A lower low that sticks tomorrow will make this trader a little more bearish. Trade below Wednesday’s low would confirm a failed buy signal.
That scenario would also break the 4 month uptrend in the OIH. I’m not calling the bulls down for the count, but today’s high needs to be remounted soon for them to hold this up.
