The anticipated pullback came and went quickly yesterday. It was short-lived and ended in a spring of Tuesday’s low for good two-way trading. I suppose the seasonals and all the news are having their influence.
In any event, here is a 27,000 Tick chart of the last few days. The market is hanging right below resistance this morning. This is potential absorption. We will either see the market push up and through the 1268 highs, leading to a new leg up, or upthrust this level (again). The odds favor the absorption story, but we will have to see what the market favors. Patience.
Take a look at the post immediately below this one. I’ll be doing a free webinar over at Big Mike’s forum next Tuesday after the close. The details are in the post below.
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