Almost reached the earlier 890 target, made it to 883, but markets are having trouble breaking higher here. Looks like a bear flag (green) forming in the short run. If that breaks lower, the target would be about 815ish depending upon if/where it breaks.
Notice on the chart that it is following the bottom of the bear wedge (light blue up slopping line). We are also still following the inverted H&S neckline.
The bullish case is that we made a higher low and we remain in the blue line channel, which itself COULD still be a bullish wedge. Overall still looks like a battle. I give the bears the edge in the short run, but the bulls may win in the intermediate term. Long term, definitely still bearish.
Both the daily and weekly candlesticks right now look like spinning tops, this shows indecision.
Remember, it’s bank failure Friday… bad news can come out of the blue, thus if you are long, my advice is to be careful. Same goes for being short, it’s a dangerous market in both directions. Cash is always good in times of uncertainty.
Economic News , Data & Views ......March 29 , 2017.......Quick Hits For Wednesday -1) Markets : Asia Economic Calendar For Thursday , Market Moving News & Data Updated Regularly ; US - Dow In The Red Today But S&P & Nasdaq See Green , Gold Up Modestly & Oil Sees Bounce Today , US Treasuries Yield Fall Today. 2) US Politics : Russia Investigation In Congress - News Of The Day & Note Differences Between House And Senate Intel Committees ; White House Drama De Jour ; Repeal & Replace Updates ; Additional News Of Note. 3) Europe In Focus : PM May Has Article 50 Letter Delivered To EU & Related News Today ; France Election Updates & Polling Data ; Greece May Or May Not Have Reached A Deal With Creditors On Labor Reforms & Pensions Cuts ; Europe Odd News For Wednesday. 4) MENA News : Iraq , Syria , Turkey & Libya In Primary focus
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