I have been getting questions from some traders about what I think of this recent rally. Make no mistake about it, this is still a long term reversal. There is nothing to indicate that the downside risk is over. Can the central bank come in and flood the market with buy orders? Yes absolutely. They have been doing it for at least two years that we know of. It does not seem to be working however.
DJIA - Dow Jones index mth key level is 16000. Still very much in top reversal despite recent rally. Not confirmed until key level breached at monthly close.
SPX - S&P 500 index mth 1900 key level still very much in top reversal. Not confirmed until key level breached at monthly close.
NDX - Nasdaq index mth key level 4150. Still very much in top reversal. Not confirmed until key level breached at monthly close.
NYA - NYSE index mth key level 9500. Lower high lower low with with resistance at flat kijun sen. Not confirmed until key level breached at monthly close.
RUT - Russell 2000 index mth key level 1050. Lower high and lower low. Found support at the kumo. Not confirmed until key level breached at monthly close.
IWM - Russell 2000 index daily key level 105. Turning off resistance. Not confirmed until key level breached.
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