Last week we finally got enough selling to break the short term uptrend. For the moment I’m content to try to hold on to my remaining longs and look for a point to make some more purchases. I’d like to see some bullish candlesticks pop up once (if) the indices reach oversold levels. The S&P chart shows the levels I’d expect reversal candles to appear:
The next chart shows the SOX slipping back under its 200-day moving average:
And finally, a lot of oil stocks look like they’re ready to rally. Many of their charts look like EOG’s:
