The broader markets continue to defy gravity, closing at the highs and looking higher. The bears have not been happy, with every attempt to go lower failing after last December’s collapse and bottom.
There are many reasons – and bullish patterns – suggesting higher prices; however, there is also evidence with the overbought market internals and Bullish Wide Range Bars (+WRB) on many weekly index and sector ETFs suggesting at least a stall in the move is forthcoming.
We will continue to trade compelling long and short setups, but there currently are substantially more bullish patterns.
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