Chart Prepared by Jamie Saettele, CMT
-The last update noted that "the constructive trade is 'no longer' following today's (4/28) drop. Again, the market does need to establish above the 20 day average in order to indicate a bullish opportunity." This week's sharp reversal could be the beginning of a bigger rally but it's too early to tell. Either way, an internal channel is influencing on both sides of the market. The near term juncture is important as the index has rallied back to the 20 day average. This average has been resistance since 3/10.
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