The NYSE Advance - Decline Line and $TRIN are still relatively bullish, but less bullish than yesterday.
Sellers waited for the market to make a new high before jumping into the market. The selling pressure created a nice three-wave, symmetrical formation, and found support around the 1328 area. It was after the finish of the symmetrical move that $TICK momentum changed to the bullish sentiment.
Sellers waited for the market to make a new high before jumping into the market. The selling pressure created a nice three-wave, symmetrical formation, and found support around the 1328 area. It was after the finish of the symmetrical move that $TICK momentum changed to the bullish sentiment.
The 1000 Tick Chart shows that support came at the top of the equilibrium zone of 1327 - 1322 that was created during the overnight session. At the beginning of lunch, we are seeing some resistance near the 1338 area.
Charles
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