Well, besides FED Announcement and Ben Bernanke speaking to the press we also enjoyed laughter seeing some Clown Trading Style. Overall a nice & fun day.
Ben hinted that FED will take further steps if Labor Market is not improving. Assuming that the June and July numbers will not that positive, the market might celebrate those upcoming negative numbers. We shall see !
As stated in article dated 19th of June, the short term target of 1360-1365 was reached and some sort of pullback was expected and therefore all 3x ETF SSO, UWM, QLD has been sold and profits taken. So far so good as we saw a tiny decline from the prior high.
Breadth Thrust is slighly overbought and a drop towards the 50 EMA would be considered normal.
The SPX Hourly is hinting that we might test the 1326 area being 38% retracement or slightly higher at 60 EMA 1337-1332 area
NYSE Tick was already pointed out and marked in red " overbought" the other day and this signal is relative reliable at those levels. We are now back to a more neutral level.
NYSE Summation Index remains on a buy signal and pullbacks are part of a bull run anyway. So no big deal when the market has a minor pullback that bears like to celebrate so much :-)