While the markets closed down significantly today, volume overall was light. The Qs have closed below the 30 and 50 demas after a 6 day pullback. Look back at April and you will see the same setup. I do not expect to see a rally equivalent to the second half of April and May, but rather something more like the end of December when a 5 day rally ended the countertrend rally from the November low.
Be ready to exit long positions on strength in the next few days. If the markets do breakout that's ok. It would be a great place to exit. You can always re-enter on a successful test of the breakout support.
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