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The S&P bounced nicely off 50 day moving average support today. Is the correction over? Maybe, maybe not.
There was very good breadth to the market today which pleases me. I like to see all the sectors firing on all cylinders. The financials, coal, materials and steel all perked up today .
I added TNA as a long today. It’s an anticipatory trade, as it still needs a little work to break through that white downtrend line (green arrow). Stochastics are in the dirt, but may be turning up (see circled area) at bottom of chart.
As a trader I detest earnings season with every cell in my body, as I think it takes the natural flow out of the market and forces us to pause and start with every report. But it is what it is.
If this turnaround is real we could get pretty active over the next week or so. I will see you all on the chat room in the morning.
Joe