Massive Rally = Nervous Shorts

spx_weekly3

Massive Rally = Nervous Shorts

We’ve been here before.

Our new potential low set Tuesday starts our four day count for when we go into Follow Through Day (FTD) watch.

For those who don’t know, FTD’s are major upside moves in the broader market on high volume. Waiting four days gives short coverers time to get out, which tells us the buying is real and institutional grade.

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