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Market Internals 2011-07-26
As Tick16 Long Term stuck at neutral and slight bearish zone for 2 days already, any short term oversbought will send ES back down quickly.
That matches the current politico drama where the stock market will trash (even for just 10 minutes) if there is a deal because people will sell the news for sure.
This selloff, if sending ES to important support zone (see STOPD Visual, Weekly Commentary, or from real-time chat) and Tick16 Long Term staying neutral, we have a good chance of getting a new high for the year quickly from the support area.
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