The Index ETFs had a bullish reversal on Friday and look higher; however, the weekly charts are extended, at resistance, and had a bearish close.

With these conflicting messages, we will still trade the many bullish patterns we have found, but will be tighter on the stops if we see the anticipated bounce fail (or if we have a bearish open on Monday with no follow through to Friday's bullish reversal bar).

 

Below is a daily chart of SPDR S&P 500 ETF Trust (SPY).

 


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