Good Morning Friends!
I hope everyone had a restful weekend and are feeling ready to go for another busy market week. Last week was incredible with the bulls really putting on a show of strength. Even the Q’s which had been lagging behind managed to not only hold above the 50 SMA but also a breakout of a major resistance level.
Now the question is will the bulls be able to hold these new levels or will the bears show they still have teeth. The economic calendar has several bond auctions and the Treasury Budget at 2 PM EDT but I would not expect them to have enough power to move the market. If fact my guess is we will likely get very quiet and choppy until Wednesday when we get a huge data dump as well as the FOMC Announcement.
Clearly, the bulls have the advantage this morning with really no clues in price action suggesting selling at least at this point. However, at anytime it should not be a surprise if a pullback were to begin so stay on your toes this week could be pretty wild.
Have a profitable day!
Trade Wisely,
Doug
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