Rally Running Out Of Steam?
Thanks for reading my idea.
An ascending wedge has formed in the Dow which is bullish, however the rally looks to be tiring
with lower volume and breadth. This is concerning in that prices have gone sideways to slightly up for three weeks and with a backdrop of negative news building...my bullish theme has diminished.
Seems the market is waiting for a catalyst event or excuse to break one way or another...my longs are closed now...better to take a profit off the table.
We can enter short or long at another opportunity.
Good Trading
An ascending wedge has formed in the Dow which is bullish, however the rally looks to be tiring
with lower volume and breadth. This is concerning in that prices have gone sideways to slightly up for three weeks and with a backdrop of negative news building...my bullish theme has diminished.
Seems the market is waiting for a catalyst event or excuse to break one way or another...my longs are closed now...better to take a profit off the table.
We can enter short or long at another opportunity.
Good Trading
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.