A lot of rising channels failed this week. The charts below are 195 minute bar charts showing two months of trading.
The first two rows are the key stock indices where we see that all but the QQQ have lost their rising channels. The bottom row shows that the TLT (bonds) and gold became maxed in their channels Thursday. The TLT needs a pullback tomorrow as does gold and if this happens this would allow a window for stocks to rise tomorrow and with Friday being the thinly traded session where the prop the market coalition is highly effective in squeezing oil and with the USO pressing against the upper line of its declining channel, it looks like we are set up for another classic "float up Friday".
Trade well my friends
Alan
