Last week we said “Wall Street’s top strategists describe current market sentiment as TWITCHY, SKITTISH and ANXIOUS.
Investors are concerned about trade tensions, confusing economic data, and uncertain monetary and fiscal policy plans; hence, the multi-week defined trading range.”
Although the underlying fears still exist, last Thursday’s bullish gap breakout is what we call an “event.” We have been in a wide and whippy trading range for weeks, waiting for a significant bullish or bearish event to break out of the range.
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