Happy Valentines day. Okay I got that out of the way now look at what’s going on here.
For the first time in a long time the NASDAQ has gone sideways enough days to deem the drawing of a micro-composite relevant. These structures are good, and suggest the market is healthily coming into balance, which we noted last week. I drew a heart on it for two reasons–for the ladies–and to visualize the weak low:
The NASDAQ swing low is weak because
- We spent lots of time lingering on it
- Buyers had to defend it thrice
- The actual low print occurred during Globex
The market very well could move up from here. I have seen these cruddy structures abandoned for weeks, even months. But it happened, and it will linger in my mind as a contextual caveat to any strength–something I expect to be resolved before bearshitters receive their ultimate comeuppance.
Bottom line – I am optimistic heading into a holiday shortened OPEX week during the shortest [yet slightly leap extended] month of the year. But the lows are weak.
Distinguished members of Exodus and lingering Free Trial tourists: The latest Exodus Strategy Session has been published. Click the Strategy Session link on the right side of Exodus and check it out.
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