Let’s take a look at this week’s price action. The major question is how the bulls handle the dip.
The bulls have made progress over the last few weeks, most noticeably on the lower timeframes. This week the market pulled back to the daily 21 exponential moving average (EMA) and is continuing to hold structure.
The market is still missing momentum though, which we can use the MACD indicator to observe. The S&P 500 (/ES) doesn’t have a positive cross yet on the weekly MACD and hasn’t since the market bottomed after COVID-19.
In the video above, we’ll review the proxies of the market and lay out what the market to be fully aligned for upside potential. Be cautious that the bears could wipe out all the bullish progress made recently as we’ve seen happen multiple times this year.
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