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Wednesday, July 1, 2015

QQQ for Wed

Things are hanging in a wierd space right now and it is not clear on the direction of the cubes because once again we have just entered into a news zone.
The PM of Greece is urging people in greece to reject the bailout deal that EU put on the table. I believe he is doing this because of his previous promise that he wouldnt cut pensions. Germany and the other EU creditors are going after the only thing Greece has to offer: The money out of its citizens pockets and the PM isnt going for it. This will damage talks this Sunday.
However, I still sense that a deal is going to be reached and this is just another step in the bitter process. Lets look at the QQQ chart for tomorrow:


There is not in the much of indicators that can be told here. The MACD is still heading down and as a trailing indicator, this should be recovering somewhat.
So like the Predator in Predator2 who needed to switch views in order to see Gary Busey and his team inside the meatlocker, I switch to ADX with DI line.

O
k there, I see there is still some weakness, the red is still very much above the blue line, and this with a MACD dropping and Greece now in a new deadlock, I am going to have to say down day tomorrow, but not a huge downday. And if any Greece deal is reached, the market will climb. Barring any deal, its going to be a down day.

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