Saturday Review’s recording (for 7/23/16) …
New highs printed last week, in what became a failed breakout. A detour down was recovered into the weekend, but only recovered — not exceeded. All within a target area that is the rally’s highest calculable objective for this leg.
This week’s FOMC policy statement could hardly be greeted by a more interesting environment. We discuss the relevant levels and likely paths in this week’s Saturday Review.
The following stock requests were reviewed in this order:
UA,CSCO, FB GOOGL, AMZN, GDX
07/23/2016 09:29:14 David B: good morning
07/23/2016 09:31:53 Mark Glezer: gm
07/23/2016 09:56:37 Mark Glezer: there is no requirement for a new high close?
07/23/2016 09:57:43 Mark Glezer: yes
07/23/2016 09:59:00 David B: don’t we need to see distribution before we start to see a change in the trend?
07/23/2016 10:04:54 David B: i think you mentioned last week this rally has not been the strongest of stronger hands. what would tell us stronger stronger hands were behind the rally?
07/23/2016 10:05:16 Mark Glezer: pivot reversal potential on a gap down or a key reversal on a gap up, pivot would be more bearish here?
07/23/2016 10:09:48 David B: still not a bull market?
07/23/2016 10:10:15 David B: with two consective closes
07/23/2016 10:17:02 Mark Glezer: pivot behavior would still be more bearish here?
07/23/2016 10:17:36 David B: UA,CSCO
07/23/2016 10:19:24 David B: FB,GOOGL
07/23/2016 10:20:37 David B: UA earnings on tues
07/23/2016 10:32:56 David B: are FB and google showing optimism ahead of earnings this week?
07/23/2016 10:34:31 David B: wed
07/23/2016 10:34:41 David B: google on thursday
07/23/2016 10:36:19 David B: that could drive the market higher to 2225?
07/23/2016 10:37:19 David B: amzn this week also
07/23/2016 10:39:18 Josey: Ty
07/23/2016 10:39:21 David B: thanks