Pullback Coming

The market closed down 17 and I still see an very overbought market. I am looking for a pullback on the daily charts for a set up for so long entry. Stocks like DIS, SBUX should set up for longs. The market was down over 50 at one point today and then at 2 pm the FOMC came out with their minutes and they pretty much said that they are going to be patient raising interest rates. I have been saying that I do not see the federal reserve raising interest rates during 2015 and if they do it would a mere quarter of a point. I stated yesterday that I saw oil stocks like XOM, XOM, and SLB extremely overbought on the daily charts. Today they declined well over a dollar. Oil was down over 1.80 closing at 51.73. Oil is in a range and if oil breaks 46.70 on the daily charts we can see new lows in oil. Oil has huge resistance on the weekly charts between 55-60. Gold is still negative on my daily charts and I see no patterns on gold right now.

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