End of the week, and hate to say it but we are bullish. We are also piercing the weekly upper BB line. The end of the month does not look bearish either which also remains bullish. The 75 Wkly MA is at 1702 and ideally I would say that price and time would meet when the 75 Wkly MA meets near 1775 - 1725. Our ST still remains strong and overbought. Therefore, we should not fight the trend and since some of us feel that these prices are near a top rather than a bottom. The course of action to take is to wait for a ST confirmation to the downside to go short or minimize any long position if long is in your interest.
Something to note is that the Russell, Nasdaq and Banks have relatively stayed below its all time highs. The Dow Jones is also still Down trending, but still in overbought territory. A disconnect of this type could be signalling a momentum change.
MT: UP
ST: UP
PA: UP
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