28 Aug 2015 - Giving Up Nothing..

The bulls were not calling it quits through the last hour of trading as it seems it might.  The hourly looked bearish into the close only to be ramped back up.  With such a performance, the intra-day charts still remained OB, which gives a risk of acceleration to the upside.  The only thing that can keep a lid on the rally is the 60min. 75MA.  Lets watch for this on Monday or what the future does over the weekend.

One thing to note though is that the intra-day indicators have now reached OB which is also a sign of a reset if it exits OB soon.  An extended stay in OB will likely advance lagging signals and this would put the bulls in control.  Therefore next week is crucial and that is putting it mildly.

MT: DOWN
ST: UP
PA: UP

Make no mistake, markets are still in bearish sentiment, and rallies like we had this week cant be helped when keeping bearish position.  This is why acceleration in price helps to pad the margin of error (Evidence in ST signals this past week).  Any quick push lower or higher is met with the same magnitude of energy, and one needs to let things settle down before anything can be established in terms of a clear trend.

EW count theory: