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Stocks have been on a rollercoaster today. But overall the trend remains positive for now.. and will be positive until/unless S&P gets down under 2846
Given that prices did NOT get under prior days lows. Its still tough being bearish. Although the price action is very Whippy to say the least. Something to take note of
ALSO- breadth is negative today. And was even on the early gains. By nearly a 2/1 margin
Tech is up and NASDAQ attempting to breakout.. yet, Energy, Industrials, Financials, materials all down- Selectivity required.
- MY REUTERS INTERVIEW FROM YESTERDAY, with Fred Katayama- live in Mid-town Manhattan- NYC
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S&P FUTURES-HOURLY CHART_ Triangle of the last 24 hours led UP.. then down.. now back to unchanged.
A very chaotic market to say the least.
However, worth noting that Demark sells are NOT present in Futures and will take 3-4 trading days.. which suggests early next week for both futures and daily SPX to line up
For now. Trend bullish barring move under 2846 which would be a STOP and REVERSE.. i.e. SHORT
SPX- Daily- Despite some slowdown on daily charts. Still no reversal. No downdraft. And just sideways prices among uptrend
ABOVE 2874, I can make the case for a quick move to 2885-95. But this should prove very difficult to get above
And I would look to lighten up longs into any move to this level.. and for those that are traders.. consider shorting
Copper- Move down to new multi-day lows- Copper simply cannot rally.. and bounces look to have failed again
This is problematic