Price action is increasingly stuck.. and the hourly equity cycle is due to turn negative in 2-3 trading hours. Certainly, we look set to lose the sp'2100 threshold by tomorrow.
As ever.. Yellen is a wild card... there is also a Fed beige book at 2pm tomorrow.
*I continue to have eyes on INTC, but near term price action - considering the indexes, is particularly weak.
Broader price structure (as I've been droning on about for over a month) is a giant H/S formation.. offering downside to at least 26/25.. ideally $22.50.
I still think INTC is a key signal for the broader market.. and if correct, it bodes for main market trouble this Sept.
Meanwhile in London city... approaching grey gloom.. from the west.
|Bullish Tuesday rains|