July 23rd Gann Cycle Date

As expected since we made the turn on last Friday's Gann Cycle date, Smart Money has been holding long during this week and we have another Gann Cycle date coming up on Monday, July 23rd.  It could start as early as Friday afternoon based on candle fib count.

1378 is a major resistance and we punched through to 1380, but died with a gravestone doji on 60min chart.  We closed with an inside candle on 5min and 2hr chart, and then an indecision doji on 4hr.  Daily candle is still bullish but weakening.  We have a rising wedge that could breakdown tomorrow, which should find support at 1367, or pump to 1388 given OPEX.

Monday 7/23 is 34 daily candles (fib number) and also 78 trading days since the high of 4/2.

NYMO sentiment is still showing positive divergence

 VIX Trend is at it's highest given it has sunk down to 15 level.  We are near the interim top.  This descending wedge has played out from last week.

 

VIX Sentiment is showing oversold condition for last 3 days.