Bulls showing strength

Bulls are showing strength, but I'm still not convinced

I don't want to sound like a perma-bear here, but I'm still not convinced in the longevity of this rally.  Those that have been long have made some good profits and I can't argue with results.  However, I think they would be wise to start taking profits.  The scores for the 4 hr chart are showing some red numbers on the internals.  If it follows the same structure as the previous downturn, we have one more up-day to go before a sizable move down.   Last time (6 Jul) we saw a 190 point drop at its lowest point of the day.

I'd like to emphasize that the RumWave is a forward looking tool that is void of emotion.  It still favors a decline in the not-so-distant future.



Daily Scores



4 hr Chart

The 4 hour chart itself is showing some good strength.  About the only thing that is looking bearish to me is the Rate of Change indicator.  RSI is high and will probably decline soon.

Daily Chart

 The daily chart is showing some good strength as well.  Today's candle is a strong one.  One could make a bullish case that there is more room to climb on the red line of the slow stochastic.

Best of luck to your trading!