Breakout on the upside is more likely if bulls can touch the blue line above again.
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There may be "sell the news" action tomorrow if traders do not want to be long over the weekend.
Instinctively, I think so too... but I've read that "sell the news" happens in bull markets... whereas the opposite, "sell the rumor, buy the news" occurs in bear markets... which we saw today when the bad unemployment numbers came out?
Word is that there are large institutional and sovereign wealth funds rebalancing $850BN into equities before month end... looking at the market moves this week, these big entities come in right at market open and accumulate... buy programs for rebalancing might be ending soon... also would explain the explosive rise today on market open right as record unemployment data was released as well as the relatively high vix and protection being bought even as stocks rise... ...as this is may just be buying driven mostly driven by rebalancing.... very interesting chart... this is from zhedge/jpmorgan
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Last edited by BullTart on Thu Mar 26, 2020 1:40 pm, edited 3 times in total.
Double bottom breakout. If bulls are able to touch the blue line then breakout would be more likely and for real.
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