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Wednesday, May 22, 2019

Daily update 5/22


Yet another gap down to start the day.  Yet another bounce right from the open.  Yet more selling after the early bounce.  Some investors are buying dips and some are selling rallies.  Neither side is doing it with any enthusiasm.  Breadth was -60%.  New highs dipped a bit to 96.  New lows picked up to 89.

The futures are showing a narrowing of the price range over the last few bars.  Equilibrium, but for how long.

Both counts turned up a bit today.  The green count is still above the red, but below 50.

We have seen so many V bottoms for so many years the hesitation here seems almost unnatural to me.  Today continued the look of a pump and dump day.  I completely understand the lack of buying enthusiasm.  How long this consolidation lasts is anybodies guess.  The longer it lasts the bigger the move out of it should be. 


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