The market as remained in a stand still mode despite the presidential transition. I was hoping to see a new high by now, but trading remains stuck in the same range for the last 2 weeks. Normally, bullish patterns break-out strongly after a period of consolidation. However, the consolidation for the past couple of weeks is rather long and puts into question the short term uptrend, especially now that the market closed right at the TA. So, while the general uptrend continues to be bullish, I see the possibility of a test of 2250 again before bullish momentum can truly gain traction. And obviously, if prices are able to break through the series of recent lower highs next week, then it will be all clear for a bullish run towards 2300. For now, I rather be cautious, so I closed my long position for a marginal profit.
Have a great weekend!
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Short Term Trend = Bullish trend being challenged
Medium Term Trend = Bullish
Long Term Trend = Bullish