So, as you can see in the below chart, we sky-rocketed on Tuesday morning after the Ukraine issue, at least by appearance, seems to have been resolved..hmm.
In the past 2 days, we've formed a mini consolidation pattern.
The interesting thing to watch for is how the market popped through the upper level this AM and so far any attempt of going back into the channel has been met with buying.
This is an important distinction from how channel penetrations had behaved prior to this in the last few weeks which in our eyes shows that more people are becoming comfortable with the idea of a new bullish leg higher...could get very interesting.
Anyway, we do hope you enjoy coming to this site and utilizing this free basic membership as when we went to a pay structure around 3 months ago we promised not to abandon our many basic subscribers.
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So, as we had anticipated, this morning the Dow continued on it's move above the week long channel and yet again made new all time highs.
Then at the usual witching hour(Noon) the market started slowly heading down culminating in a free fall'ish +100pt drop in the last 2 hours only to climb off the floor to finish in the green by the close.
What to make of this?
It's hard to say as someone could of "fat fingered" a huge sell order at one of the big houses(great way to start the weekend) or of more concern to us, perhaps a leak of some important bearish data or who knows what else..like a build up in Russian forces on the border of the Ukraine.
Net net, we'll see if Monday's action makes this just an errant blip.
The Stealthy Trader
An experienced trader with over 15+ years of markets experience utilizing proprietary filters and analysis tools to uncover low risk trading opportunities.