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The $DIA, $QQQ, and $SPY are still in long term up trends so far.
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Only $IWM has broken the long term uptrend by closing below the 200 day. $IWM has been the weakest index and $QQQ has been the strongest.
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$SPY bounced near the 100 day and 30 RSI Friday.
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$DIA and $IWM did not close below the 30 RSI Friday and are inside a high probability bounce zone. (I am long both of these going into Monday, I entered $IWM on Thursday and $DIA on Friday, my stop loss is a close below the 30 RSI).
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$IWM first high probability resistance area will be at the 200 day if it rallies next week.
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This is still a buy weakness sell strength market. Momentum and break out strategies to the upside are not profitable here.
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The $FB gap and go failed last weak making lower highs and lower lows day and losing the low of day gap up.
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The risk/reward favors being long here. This is a deep hole to short into and would be after the fact based on my market model.
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Top 100 Stocks
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Buy The Dip Is Now Sell The Rip
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Stock Ready List as of 08/02/2014
