The wild price swings we have seen in the market between the bulls and bears has been kicked-up a notch in June like we have expected. Tuesday’s action was much like the start of the week but the bulls were able to hold their gains and extended them into to the close. We also said on Monday that traders would have to keep their emotions in check as the major indexes continue to trade between their 50-day and 200-day MA’s (moving averages).
These types of trading ranges can be frustrating but the big, intraday, moves are telling us a possible breakout or MAJOR breakdown is coming soon. The charts we show you this morning still favor the bears but the bulls haven’t thrown in the towel. (read more…)
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