The market appears to be early in a 5 day cycle up phase that began yesterday afternoon. So far, it is weak but it is working on breaking out of a downtrend channel, as of 4:30 AM New Yak time.
If successful, it faces possible uptrend resistance at 3805, and if successful at getting through that, at 3815. Then, if that’s cleared, the next step would be to test the high around 3825.
None of that is a slam dunk. Primarily because of this.
It’s an issue I have covered and warned about for months, with the latest update here
I’ve talked about the likely inevitability that this breakout would happen, why it would happen, and what the implications are for investing and trading.
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We may be skating on very thin ice here, but the weight of the evidence still supports a weak bull case for the near to intermediate term. So I’m adding buy picks on the chart pick list and adjusting trailing stops to account for the risk.
These reports are not investment advice. They are for informational purposes, for a broad audience of investment and trading professionals, and other experienced investors and traders. Chart pick performance changes week to week and past performance may not indicate future results, as you know. Trading involves risk, and these reports assume that you understand those risks and manage them according to your tolerance.