00A DIA One-minute
7/23 -- DIA still sports a mild downtrend on the one-minute chart, but the others are all moving up in uptrends. The overall path of least resistance in the near term remains up, though sectors are still quite mixed and the long term remains overbought.
7/21 -- DIA, SPY, and IWM remain in one-minute downtrends while QQQ is the sole major average still rising on the one-minute charts. Minichannels are going back and forth, so there is little conviction thus far this week. With little additional bad news, the market seems like it can firm up, but buyers are clearly hesitant and VIX is remaining somewhat elevated.
Trends on the 30-minute charts are waning in momentum. Several have already changed to a flatter up slope and now many are near the lower channel boundary. That leaves a very vulnerable situation should anything occur to disrupt ol' Goldilocks.
7/19 -- Friday's bounce was strong enough to potentially signal the end of the current correction, though we won't know for sure until we see if it follows through on Monday or sells off again.
Many uptrends on equity ETFs remain intact, and on those in downtrends, the momentum is beginning to bottom and turn up. Therefore, if global tensions abate, the market appears to be headed higher for now.
The full Weekly Commentary at www.RHLcapital.com is now updated.
00B SPY 1-minute
00C IWM - 1 min
00C QQQ - 1 min
00D Volatility Index 1-min
01A DIA - 30 min
01B - DIA one-year
02A SPY - 30-min
02B SPY - Daily one-year
03A QQQ - 30 min