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Prices rose steadily from the open until well into the lunch hour, then
they steadied and held their gains.  Gains were enough to be called
significant, but volume fell a bit to just +5% above average.  That's
another of those divergences, so we should be wary.  My formula doesn't
note this as an "Accumulation" day.

Crude futures were above $61/bbl, but the Street seemed to pay more
attention to a jobs report.  It wasn't as good as the Street seemed to
think, new job creation was about 75% of what was expected, but the
national unemployment rate dropped a tenth to 5%.  Perhaps they were
also encouraged by the less ballyhooed projection by the Congressional
Budget Office that because the economy is doing better the deficit this
year may come in around $325B.  Well, as Everett Dirksen said, "A
billion here, a billion there..."

Whatever it all means, prices have come up to my resistance line.
Prices got up about 12pts higher in early March, and a few points above
in June, so these things aren't to be taken too precisely.  Maybe my
line is a few points low.  On the other hand, the Oscillator is only
barely moderately positive.  Indicators certainly would be expected to
be more positive if the market had the momentum to stage a notable
rally.

 Price    Vola-    Momen-   Volume   Oscil-   Summ.
 Change   tility   tum               lator    Index
 -__+     -__+     -__+     -__+     -__+     -__+

 __|_     _|__     __|_     __     ___|     07/01
 __|_     _|__     __|_     _|__     __|_     ___|     07/05
 _|__     _|__     __|_     __|_     __|_     ___|     07/06
 __|_     _|__     __|_     __|_     __|_     ___|     07/07
 ___>     _|__     __|_     __>_     __|_     ___|     07/08

Timing Signals:  I don't use or recommend timing signals, but they're
fun to watch.  If I did though, well, I might use something like this.
(Be warned!!  It tends to whipsaw around signal points!)

Last Signal: BUY        Date:  07/01/05 S&P:    1194
Winner or Loser:  tbd                   By:     tbd

See my market tracking charts for '03-'04 and my investment strategy
study at my website(s):
http://www.xprt.net/~pgrogers/Pers.html
http://www.geocities.com/paulgrogers/Pers.html



Paul Rogers, paulgrogers{at}yahoo.com                       -o)
http://www.angelfire.com/or/paulrogers                   /\\
Rogers' Second Law: Everything you do communicates.     _\_V

... Look on every exit as being an entrance somewhere else.
___ MultiMail/MS-DOS v0.35

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