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We got many bad economic data today, but market chose to ignore them again. So let's just focus on charts.
Today market was saved by the last half an hour push up, but I wouldn't read too much into it. If market makes a big up move or big down move in the last 30 minutes, highly likely we will have a counter-trend move next day, see the highlights in the channel chart. S&P, Naz, Dow all broke the rising wedge formation and found support at channel support line. $tran, Russell, NYSE are much weaker. They all broke their uptrend channel and swift to a flatter channel. $tran is the weakest in the group, new channel is almost flat. This is not a good sign for the market. |
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