7-23-12 Market Update
Price action so far off the recent swing high is suggestive that the rally since June 4th may be complete. Flag patterns in the indexes are nearly confirmed projecting declines back to the Nov stock lows. Earnings seasonal hits full swing this week. Apple is hovering right at uptrend support and below the breakout point of a base it has already failed to breakout of at first attempt. A negative earnings reaction on AAPL could trigger substantial follow up selling in stocks.
Gold is awaiting a breakout of a symmetrical triangle in the short term and a large descending triangle in the long term. Likely breakout coming to the downside in my view.
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