The trends of the three main US indices (DJIA, NDX and SPX) remain up in all
three time frames - daily, weekly and monthly. However, they failed to break
above the resistance levels identified in our monthly charts. Furthermore,
the strength in the technology sector was countered by weakness in the broader
market, as represented by the Russel 2000, which broke below multi-week support
levels:
This, combined with lackluster $ flow for the last several weeks, increases
the chances that the expected pause/pullback may be imminent.
In which case, it is always helpful to have an idea of how far this pull-back
may go.
For that we turn to our favorite weekly chart (courtesy of OddsTrader app),
and the answer is around 1285:
George Krum is the author of the "CIT Dates" blog and several
books available on Amazon.
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