As of last Friday's close, both 50-SMA and 60-EMA are still well below their respective 200 days moving averages. So I'm not convinced on this rally at all. In fact, if I were in the market, I'd definitely use this bounce as a selling opportunity. Knowing that there are too many divergences presented among many major indexes and Dow Theory Confirmation happened (meaning both DJT and DJIA made a lower low in the same direction: guess which way? DOWN), I'd put higher probability for the market to change the course very soon. Well, that's just my opinion though!
I do see your point. We are currently short term bullish, medium term bearish and long term bullish.
While I don't believe that this market is setting up for a long term bear at this point, it isn't out of the realm of possibility either.
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Posted by: sarah_oz@yahoo.com
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