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First, notice the market sold-off a bit from roughly the first week of June to the first week of July. What's interesting about this is no one is mentioning it, even though there is now current talk of the need for the market to sell-off a bit. Was this sell-off enough to scare out the less convinced traders? Who knows. But the point is maybe this blow-off was enough for the market to move higher.
The upward move is still in place. It started in early July and shows no signs of abating. In addition, the MACD is about to give a but signal. All the EMAs are moving higher, the shorter EMAs are about the longer EMAs and prices are above the EMAs. The only bearish element to this chart is the RSI is dropping. However, no chart is perfect -- that is, not chart will ever give you a situation where it shows only buy signals.
Bottom line, the percentages say we're moving higher.
