The market did not go up as expected and instead closed the day with signs of a possible reversal. The close below the TA and the 50 DMA is not a good sign for the current uptrend and if these 2 levels are not recaptured next week then we might end up seeing a death cross fairly soon. Technically speaking, the market could just be digesting recent gains but I think it's better to be cautious given the potential bearish rollover. I ended stopping out at a loss but will trade again if I see another another low risk set up.
Have a great weekend!
Short Term Trend = Bullish
Medium Term Trend = Bullish trend being challenged
Long Term Trend = Bullish
* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking
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