Weekend Chart Roundup – Sunday 5 Aug 2012 (9:34)
The activity on Thursday and Friday looks like a reversal and we’re sitting underneath resistance levels on the “risk on” charts. We could easily pop on Monday/Tuesday into an uptrend. Equities have already broken above the downtrend line on Friday, having been in congestion since mid-June.
Did I just capitulate? I’d rather think about it as going with the flow and not bucking the trend. The Commitment of Traders data has not turned bullish. So let’s just see how far we travel.
Good luck with your Emini trading.