So, as predicted we did get increased volatility last week … and it manifested in both directions, pre and post Nvidia’s earnings announcement. Now is the time to read the room – or the signs – very carefully. Nvidia’s positive earnings caused a gap up, and all seems to be rosy in the garden … on the face of it. But as I look at overall market structure and the quality of setups forming today, I see more of a mixed bag with bullish and bearish setups, and not a huge amount of the top quality I like to see. That said, I still don’t see a clear signal for my anticipated pullback yet – and a clear signal is a requirement. Another reminder, to ensure you keep getting my reviews and communications, please
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The markets are still volatile with large daily swings up and down.
The basic patterns remain pretty bearish and the OVI for the S&P and Nasdaq are also negative, while the Dow …