Market needs to settle for a while before a reference level, even minor, can develop – and it wasn’t in that kind of mood last week. In fact, since the March Low we’ve seen three weeks where the low of the week is on Monday or Tuesday and the week finishes close to the highs – three weeks of relentless Buying that recovered all the losses of the Feb/Mar decline.
I wrote on Friday ‘In the ST, price back below January’s high at ES 7096.5 (SPY 697.84) could indicate a false breakout (Bull trap)‘ – watching for that, but no sign of it so far. Bulls very much in Control right now.
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