The market spent the morning making a series of three wave formations, and in the process, making higher highs and lows; thus, breaking a downward trend in momentum. Another telltale sign of upward momentum is that the downward correction was smaller in magnitude than the upward swing waves.
The NYSE Advance - Decline Line is positive and trending upward. Not quite as strong as I like it, but not all setups are perfect. $TICK started trending higher after the correction phase was over, indicating that the market may want to trend higher for the short term.
The NYSE Advance - Decline Line is positive and trending upward. Not quite as strong as I like it, but not all setups are perfect. $TICK started trending higher after the correction phase was over, indicating that the market may want to trend higher for the short term.
Price momentum on the 1 Minute ES Chart turn long at 1119 ET, and a good place to go long as it turned out.
Charles
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