Respecting the Dominant Trend

spx_weekly5

Wednesday’s rally looks weak compared to Tuesday’s Distribution.

We’re respecting the dominant trend up. After a multi-weak rally we can’t be too excited about heavy selling.

But should we get more Distribution, that’s institutional grade selling, we’ll take it as a clear warning for Bulls.

Our overall market bias remains Bearish until we see more consolidation above the 50-day moving average.

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