Here it is, not even 6 AM in New York, and the overnight traders have already bought the dip. It started in Asia and continued in Your Rope. There are buy signals on the hourly oscillators and they came from positive divergences versus the previous hourly lows last Wednesday. Bears should be afraid, be very afraid.
That said, if they don’t clear 5485 today, then nothing has happened yet. It would just be a garden variety return to the scene of the crime, as illustrated on the 2 hour bars.
For moron the markets, see:
- How Deep Was My Valley September 9, 2024
- Here’s Hard Evidence that the Slowing Economy Narrative is False September 8, 2024
- Gold a Hold While Miners Blasted September 4, 2024
- Swing Trade Screen Picks – Nothing to Add This Week September 3, 2024
- Withholding Tax Collections Support Sufficient Liquidity Growth September 2, 2024
- Liquidity Still Supports the Rally, But with Warnings August 27, 2024
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