Everything indicated the market going lower today – a continuation of Friday’s losses, but it didn’t happen. The market recovered all losses and some. In fact, according to all technical signals, the entire week should ve down except on Thursday and Friday, when we should see a recovery. It is not happening, but it still may happen. The market may be disturbed by a CPI report and FOMC meeting this week. A typical pattern was selling into the meeting and a rally afterward. It seems we see the opposite, buying the meeting and potentially selling the news. Tomorrow should be a down day, but I wouldn’t be surprised if we see an up day. So, expect choppy sideways trading until Wednesday afternoon.
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