The Dow was down nearly 800 points before buyers finally got traction and turned things around. The 300-point rally that ensued was so crappy looking that we can only assume it’s going to continue. Perhaps I’m just another permabear all too eager to play the contrarian, especially since the stock market has not gone our way for more than a few consecutive days in more than nine years. Maybe this time? In any event, it is a long climb from here (to 24,978, to be exact) before even the hourly chart turns impulsively bullish, so we’ll simply bide our time until Mr. Market shows us another hole card. Meanwhile, notice in the chart that the Indoos reversed almost precisely from the pattern’s secondary pivot (shown as a pink line at 23,358). This is mildly bullish — enough so that we should remain open-minded to the possibility that a crappy rally will fool shorts right up until the moment they panic.
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Tuesday, April 17, 2018
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