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Market trend
Short-term (1-2 weeks): sideway or down
Intermediate term (3-4 weeks): sideway or down
Today's market action was good helped by good news from Europe. S&P was up 1.29% closed at 1206. However, I don't want to buy at this level, I would rather wait for S&P making a new high. Right now S&P is in a 40 points trading range between 1181-1220. I am not sure which way it will break, but I feel more downside risk. From short-term trend chart you can see a temporary downtrend channel was formed, I use the word temporary because I am not sure today's high is the top or a pause. If the channel resistance line hold tomorrow, I will use this channel to guide my future trade. Money flows chart shows heavy inflow to financials and health cares.
Biotech ETF - FBT
Regional banks ETF - KRE |
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