Yesterday on YouTube, I highlighted that this week we could see bulls attempt a pushback in the indexes and key stocks. That is exactly how today played out. We saw sharp upmoves and downmoves through the session after which the market managed to close in the green.
My reasoning was simple that prior to the weekend, charts were signalling the formation of an important attempt of a base formation. Even on Friday, it was evident that large volume players were beginning to anchor positions at these levels.
Now, for the rest of the week the news cycle will keep trying to push it down while the bulls will try to make it hold here. Thus, this will make the moves jagged and me and clients are adapting to that.
Also, those who made easy money chasing shorts in the fall should be cautious as I am sure most of them will give their profits back in choppy phases like this. This is as any person could have made some money in that fall. But now retaining that money will be key.
My reasoning was simple that prior to the weekend, charts were signalling the formation of an important attempt of a base formation. Even on Friday, it was evident that large volume players were beginning to anchor positions at these levels.
Now, for the rest of the week the news cycle will keep trying to push it down while the bulls will try to make it hold here. Thus, this will make the moves jagged and me and clients are adapting to that.
Also, those who made easy money chasing shorts in the fall should be cautious as I am sure most of them will give their profits back in choppy phases like this. This is as any person could have made some money in that fall. But now retaining that money will be key.
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