As mentioned in last Monday’s letter, we went into the week expecting higher prices based on the last Friday's bullish price action.
We got exactly that on Monday when the markets gapped higher at the open — the S&P 500 and the NASDAQ 100 to new all-time highs — and then started their choppy consolidation for the majority of the day.
Tuesday was more of the same as failed attempts to push higher. It was starting to look like another “peekaboo” new high failure.
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