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It's the 4th test of the line, unlikely will hold so breakout is likely.
Big gap up so could be a trend day either up or down.
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Keeps charging up with good looking bull bar then it's an uptrend day. At least now should be safe to say this bull shall have legs.
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Uptrend day not confirmed but breakout from here in the next couple of bars with good looking bull bar then it's an uptrend day. I see consolidation here so a breakout should be a little more likely.
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Tuesday, May 25th
9:00 AM: S&P/Case-Shiller House Price Index for March.
10:00 AM: New Home Sales for April from the Census Bureau.
10:00 AM: Richmond Fed Survey of Manufacturing Activity for May.
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
“Based on this chart pullbacks only come when the Fed temporarily stops expanding or slightly reduces the balance sheet. New highs follow once the Fed's balance sheet makes new highs. $SPX is in essence a Fed balance sheet tracker.”
[Northman Trader]
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Bulls should have earned another "the pull should be bought" status, aka this bull shall have legs.
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