Nasdaq started the day on Friday strong but settled for a modest gain. Negative signals include waning advance-decline statistics (McClellan Oscillator on the NYSE has turned negative) as the rally becomes more selective. The rally has also achieved initial rally targets per Elliott Wave analysis. Firming in bonds and the Dollar may suggest a change in trend for equities. Caution is advised unless and until equities can show a high-volume break from their consolidating pattern.
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Chart Pattern Indicator: What's the Reading?
3 weeks ago
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