Stocks were well on their way to a breakout over the holiday weekend, a common enough occurrence — when reality demanded a pit stop (hydrogen bombs and impending ICBM launches can have that effect.)
S&P futures dropped 20 points from Friday’s highs by the time they reopened Sunday. Even after a concerted ramp job, things still looked dicey for today’s open as of a couple of hours ago. The rising red channel had broken down and hinted at a corrective C-wave down to 2450ish.But, that was before the algos got busy. Now, with 20 minutes till the open, a breakout is solidly back on the table. As one reader pointed out the other day, what’s it going to take for stocks to sell off?Glad you asked.
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