Into the final hour of trading, we can see our key $94 level on the small cap-led ETF for the Russell 2000’s 30-minute timeframe is proving be a critical battleground, yet again. Preemptive bears and bulls alike have been chopped to pieces for more than a week now. Eventually, this dizzying action will resolve one way or the other, and certainly the intermediate-term uptrend and resilience gives bulls the slight edge.
But for now we have an end-of-quarter mess on our hands, with increasingly selective breakout plays working as we wind down a holiday-shortened week.
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Perhaps we’re now at the point that the correction can happen, given that so many people are agreeing (rightfully) that it probably won’t happen due to everyone having been looking for it.
Ha, good point.