S&P daily charts
I’ve deleted all the other indicators so that we can see the tight trading range of the market. The market is such that it had the bullishness in the market is running out (after a prolonged bull market since March 09) but the bearishness (to cause a correction) is not enough to tank the market yet. Hence it is consolidating in anticipation of the next major news.
I believe we will be seeing a market correction soon. I am not calling for a turn of sentiment from a bull to a bear market as yet because the signs of this rally continuing after a dip/correction are still strong. We might just see a Santa Claus rally this year.
However whichever way the market breaks out of within this tight trading range will be the direction that I will be trading in.
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