The market gapped up early morning but went lower to test the support area I mentioned yesterday as expected. The previous bullish set up is obviously gone, however the pattern is looking like a complex correction with support in the 2155-59 area. How the market reacts when the Trend Average is challenged should provide us guidance for the next few weeks. Failure to recapture the TA will lead to lower lows but if prices are able to turn the TA signal to bullish again then we will see new all time highs. I ended up buying back the longs I sold yesterday at 2161 and my stop is 2160.39 or today's low.
Have a great weekend!
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Short Term Trend = Bearish
Medium Term Trend = Bullish
Long Term Trend = Bullish