Market Overview for June 30, 2013

So Friday marked a second day in a row of failing to close above the 50 SMA.  In fact, we did not even get to the the highs of Thursday.  This is not a good case for the bulls.  On the bearish side, we are now within sight of the 100 SMA.  A breach of the 100 and I believe we will be out of “no man’s land” and on a confirmed, but short term, bearish trend.  I like targets of 155.75, 153.58 and the 200 SMA.  Of course, this breach should be on solid volume.  As for the bullish side of things, I would not get in bullish on the overall market until we close above 166.05.SPY_JULY_1_2013

REVIEW OF YESTERDAY’S PICKS:

You would not have gotten triggered into any of those trades.  However, it’s worth pointing out on a day where the market took a nose dive, UA finished up strong with solid volume.

REAL ACCOUNT ACTIVITY:

None

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