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Big picture. Pulling back to support. Chartwise, the market looks fine, in my opinion. Nice breakout, pulling back. But it always corrects in due time.
Charts posted are not recommendations. They are just a sharing of information.
IWM is about to form a daily NR7 bar. Market is Fed-fixated, waiting for testimony. NR7 bars often move dramatically out of that narrow range...
Of concern to bulls: the IWM:MDY ratio on a daily chart has only recovered about 1/4 of the drop from its recent high to low. A rising ratio often correlates with rising animal spirits, risk-on postures.
Last edited by Daniel on Tue Jul 09, 2019 3:16 pm, edited 1 time in total.
Bigger picture. SPY monthly. Nice calm rise under the previous President. Rather a frenetic ride lately under the current one. It rather matches their personalities, methinks. Due for a very big pullback? At some point, yes. IMO.
Charts posted are not recommendations. They are just a sharing of information.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.