Sunday, June 21, 2015

Bearish Odds for This Week...06.21.15

That was a lousy close on Friday and the technicals are supporting Thursday's note from the Trader's Almanac forecasting a bearish week ahead. Note below that the Ergodics and ADX were divergent all day....another bad omen.  The closing bar on Friday was particularly nasty and the 2 hour chart below shows we have broken through the 8/8 channel am may be looking to retest recent lows. Let's not forget we still have the black comedy of the Greek bailout hanging over our heads and if that situation finally does go down the toilet the markets are likely to react violently and bearish.
The weekly VDX update is a bit ambivalent but looks to be turning down.