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Pullback to support. Further pullback would be bad because it'd be overlap, right now it's just fine. Usually there'd be another attempt to make a new rebound high before the rebound runs out of its course, let's see.
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last Friday's Ascending Triangle and mm was fulfilled. Often the pattern extends to the next day, don't know why, not logic but it does.
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My summation index signal went neutral Friday. Good progress above Friday's highs could turn it positive today.
My composite trend indicator signal is down and remains quite weak.
My position is in no-man's land.
Indexes have gone up enough to bring NYMO back to zero (a common place to turn and resume downtrend)
but not enough for me to comfortably move stops up to breakeven/profitable levels.
I can de-risk and protect small profits or keep risk and maintain the potential profit asymmetry.
Going with the latter for now.
Saw a fair bit of internet chatter over the weekend suggesting a fairly clean zig zag up into resistance and then a turn down toward the June lows.
That seems very plausible and could be, but one thing concerns me.
One of the oscillators for my summation index has good cyclical behavior, and it turned up from a bottom last week.
Improving breadth in the context of a down trend could unfold as some kind of consolidation pattern/chop for awhile.
So, we'll see what happens...
--Should push thru this minor resistance. Normally when NYSE A/D is rising intraday, and near its HOD, the SPY and DIAs push thru to the next level, esp. early in the day.
nothing to say. the push up this morning so far overlaps so not strong but I need see how the first pullback goes first.
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volume surge, might see pullback here first. overall, looks like a bump and run reversal to me.
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