Wednesday's market action wasn't much different than we've seen of late; early strength followed by weakness. Price was up and down, but by the close the indexes were down on the day.
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It's obvious there's a battle going, but so far the bulls have contained any serious technical damage to the charts. It's worth noting that overbought conditions more than a week ago are well out of overbought territory now.
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Breadth is still technically bullish, but like the charts it's under pressure.
Am I surprised by the weakness? Yes. And I suspect the money managers at NAAIM may be too. They report tomorrow with the fresh sentiment reading.
I am remaining bullish, but that may change depending on the NAAIM reading.
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Or you can now use TapaTalk again!The Slide Continues - Posted by Coolhand
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