On July 8th we wrote about a possible pop in the market. With the last two days positive and the futures raging after hours (positive Intel earnings), we will quickly push into the overbought level as the ADX remains negative. We will be cautious here to see what the next move is and the possibillity remains high that we could see a sideways market for the next six weeks. If you are using options to trade make sure you go out at least 90 days.
Trade well,
Trader D
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