Market Summary
Every day seems to be the same to the point where I’m starting to think I’m Bill Murray, the weatherman from Groundhog day. The Market gaps up, sells off on volume, then crawls back up again on no volume. Today was pretty much flat and much of it was spent on the support line of the Feb 5 rally.
Before the counts I’ll show a very simple chart, which shows the support line of the Feb 5 rally and the 3 attempts to break out of it. Generally the 3rd or 4th attempt is where it breaks.
Wednesday and Thursday will probably be groundhog day 2 , “The revenge of the window dressers”, and Groundhog day 3, “The return from the sidelines ”. Over to the counts where nothing has really changed. I still favour the bear charts, however anything can happen in this tortoise rally.
Bull Charts
Daily
Hourly
Bear Charts
Daily
Hourly highest probability
Hourly Best Alternative
Good luck in your trading endeavours.
