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Here is an excerpt from our trading plan.
Yesterday Sunday we wrote: “Based on the message from market internals, the odds are high that tomorrow Monday, we will see test of Support1 before $SPX $NDX $RUT can march back up. The odds are also high that $SPX $NDX $RUT will pass this test at Support1 tomorrow Monday. If that happens $SPX $NDX $RUT will rise up quickly to Resistance1.”
This is pretty much what happened today Monday. $SPX $NDX $RUT passed the test at Support1 which is essentially just a shallow dip. And they all rose up. And based on futures actions tonight, at least $SPX $NDX will rise up to Resistance1 tomorrow Tuesday.
So price actions are looking bullish on the charts, but under the surface market internals are sending out more short-term bearish signals.
The rest of this article covers:
Updates from market internals
Support and resistance levels for $SPX $NDX $RUT
How to approach your trades
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