An uptrend read initiated June 14 at the 1630 level went absolutely nowhere. The TRENDHIGH was only 1639 and the TRENDBODYCLOUD never developed substantially. Failure by Ben to substantiate the rumors of QE3 is now leading to a DOWNTREND read that will be initiated today if prices stay at these levels (currently in the 1600 area at the time of this posting. Falling Stochastics and a “BOARD” vote of “NO CONFIDENCE” in the uptrend read lend more credence to this potential.
KEY PRICE AREA is 1620. Failure to close above this level will force the “BOARD” to remain in a “NO CONFIDENCE” stance.
