The market attempted a break out today but could not overcome the 1986 resistance level and headed back down to close under the 50 DMA. And while the close under the 50 DMA is significant, the bearish camp is not making much progress by not being able to go under yesterday's low. The market has now been in a correction for almost 2 weeks and we could see a strong bullish rally if support keeps holding or if we get a capitulation bearish wave that gets immediately reversed. I went long today in the morning, sold profitably towards mid-day and I'm back to cash. Might go long again if bears keep hesitating.
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Short Term Trend = Bearish
Medium Term Trend = Bullish
Long Term Trend = Bullish