The collision of global markets and social mood

Tuesday, July 1, 2014

Inside An Inside Week

It feels like an inside week so far. 1925.78-1968.17 could hold the market until after the Independence Day holiday.

There was so little overnight volume in the e-mini that the chart is a fuzzy mess. One would think that today and tomorrow might be the only day when volume of any sort may appear, so perhaps they might be the only days to move the market appreciably.

Since price crawled to a higher high than last Friday, there is a new stop and it's lower -- a weird quirk of developing Elliott waves. 1952.18 should not be broken before a new rally high from an Elliott perspective.

The market does feel like it's consolidating here. It could even consolidate lower to the 1940 area. But 1925.78 feels like a significant low for now. Even if the market corrected further, down to the 1906.35-1913.83 zone, it still feels like the timing is right for a late-summer top around 2,000.

And after late-summer comes fall.

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