Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
The market has gapped up sharply for the 4th session out of 5, and is holding in quite well. Today’s resistance appears to be the 50% retrace of the correction from May to last Monday. Quite a move in 5 days to recover half the losses. There is still the gap down to fill from a week ago Thursday, and that would fill nicely at the 62.8% retrace. The MACD bullish crossover has not happened yet but it is getting close. If bears don’t put up a stand soon there case will get some serious holes. As usual the holiday trading seems to favor bulls.
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