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Current market context
In the big picture context, the Up Trend that started on 12/26/18 is still intact.
$SPX $NDX are currently in Major Pullback2 within the Up Trend.
Major Pullback2 arrived on 7/31. Market internals sent out this message in advance for multiple days, and it got very loud by 7/30. What started out as Dip6 became Major Pullback2 after FOMC announcement, fueled downward by the tariff tweet on 8/1.
Within the current Major Pullback2, market has transitioned from short-term sell mood to short-term buy mood since Thursday 8/15, as the analysis of market internals below show. This analysis will show how long we can expect the short-term buy mood to last, and what to expect after that.
The rest of this article covers:
Table of support and resistance levels
Updates from market internals
Trade scenarios to plan for
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