The big question is if the index can break and hold above this key pivot level. I feel it may test it more with pops and drops but a quick 3-5 day correction to shake traders out will unfold before the next real rally. Volume has been declining which means fewer traders/investors are willing to pay these higher prices. Once the momentum slows enough we should get this pullback and set us up for another long position.
The concept of “failure to fail” or “failure to succeed” continues to baffle many traders, investors, and researchers. If you break it down into the simplest terms, it means “you are absolutely correct” or “you are dead wrong”. The question then becomes, “do you have a plan of action for both of these potential outcomes?”. Keep this in mind as I continue posting future charts and I do talk more about it on my blog. AMEX:SPYDIAIWMQQQ
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Market forming a reversal candle and should trigger more selling tomorrow!