Well, the Greek election came and went and, oddly enough, the world is still turning, the price of gas is still too high and (sadly) Mrs Eastwood & Co is still on the boob tube. The election result was in the middle range of possible outcomes and, as such, has satisfied neither the bulls nor the bears.
Friday’s initial follow-through after the IH&S completion only slightly exceeded our June 1 forecast target, and this morning’s dip came very close to our downside target [see: Mixed Signals.] These were adjusted this past Friday to 1342 on the upside and 1334 on the downside, as seen from this chart posted Friday morning:
So, did this morning’s dip to 1334.46 complete the IHS back test? Mind you, I don’t object to immediate gratification; but, I think not.
continued…
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