OK, very very bullish Monday still is alive. The good news is the so called 2nd Major Distribution Day (NYDNV:NYUPV > 9) was cancelled by today’s Major Accumulation Day (NYUPV:NYDNV > 9).
The bad news is both RSI and ChiOsc on SPY 60 min chart are now overbought. These 2 indicators are very accurate, so I expect a little bit weakness at least tomorrow morning.
The bottom line, as mentioned in 02/12 Market Recap, the new moon and the not so bull friendly seasonality for the rest of the week will be the real test for the bulls. Let’s see if bulls can show us more strength.
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