Last week I commented on the markets being overbought from a shorter term perspective. Last week some of those overbought readings were worked off. Not much has changed with the charts below. But let's have a look at the 60 minute chart again. A pullback to the 60 EMA shown below would be a decent entry point.
The daily chart below gained 1.07% last week, on one of the lowest volume weeks of the year.
The weekly chart below has not changed much either. It is moving higher into the area where we may consider shorting.
Bottom Line: In the past week the markets were neutralized, with a slight gain higher. From a risk to reward standpoint, I would like to see the markets pull back some before initiating long positions again. For now, it is a waiting game and being patient is what we need to be, until we get the move we are expecting. Thank you for reading.
