Last week’s headline was that the steep bounce would likely be the start of a Santa rally.
After Thursday’s blip (which did not breach the S&P’s 50-dma) Friday responded with real bullish purpose.
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Last week’s guidance was for a consolidation, perhaps even a pullback (ie. a steep consolidation), and then provided there was no bad news then a Santa rally.
Well, from Monday to Thursday we did get a sideways move of sorts – though it wasn’t classic by any means! And then Friday we started to pull away with anger.
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The Main Indices:
We’ve barely paused for breath for over two weeks, and while Friday was a big bullish momentum day, we will have to take a breather soon before the next push up.
- Longer Term Market Timer (OVIsi):
- Medium Term Swing Timer:
- Index OVIs:
The QQQ’s OVI is going in the right direction and blue. The DIA’s OVI is just about in the blue territory without being convincing, while the other indices OVIs are emerging from red to neutral. That’s not a ringing endorsement of an imminent bull market, but we’ll keep our mind open for now.
Fast Filters Stock Selection:
Many more nuggets today, pretty much all of them bullish. Post-earnings looks promising.
Of all the Big Money Footprints, the three most important are OVI, Shrinking Retracements, and Key Levels. The others are also very helpful, but those three are the ones I look for first in the VIP section.
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