The market Friday developed a rather large volume support base between 764.75 and 746.75 with the TPO near 754. The market should test the 754 area again and maybe the low of 739. Bear sentiment does not give up that easily. Actually, the low will probably be tested many times over the next 8 month period, if history repeats.
Both Range Volatility and Downward Price momentum is decreasing.
All sectors are still weak with relative strength still being with the Staple Stocks.
Thought that I would leave you with an Earth Rise over the Moon's horizon as taken by Japan's Selene or Kaguya moon probe.
Have three new books to read:
- The Mature Mind by Dr. Gene D. Cohen, M.D., Ph.D.
- Pragmatic Thinking & Learning by Andy Hunt
- Outliers by Malcolm Gladwell
Also rereading Chapter 7 "Short Term Trading" in Markets in Profile by James and Robert Dalton and Eric Jones.
Rest, relax and have a nice weekend everyone, and prepare yourself for battle on Monday morning.
Charles
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