This is the update to my July 24th and June 5th posts, respectively.

The first chart here is of the short term timeframe, on daily bars.  We see the uptrend that started July 1st is continuing along is a straightforward way.  Last Tuesday price hit R1 and turned down, establishing the first higher high of this uptrend.  Last Friday price came down close to S2 and turned up, so this may have established a higher low.

The second chart here is of the accumulation/distribution situation.  For definitions of the indicators and arguments I use here, see the June 5th post and its preceding ones.  The MVPT indicator is more or less tracking price, so its not telling us anything.  But look at the upper pane.  The average volume on down days is still greater than on up days, indicating continuing distribution, but the difference is closing rapidly.  If the curves do cross, putting green above red, that would be the first time that’s happened since last October, and would indicate that accumulation has started, a very bullish indication.  However, the present situation with these two curves is the same as it was in late March, where the difference almost closed, but then red took off again, showing continuing negative pressure.

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