Combined US Indexes Bounced UP!
Heads up that there is a significant development in the market structure, as observed by the last two weeks of activity.
Previous week, the weekly candle broke down two support lines, and closed well below. In addition, there was support from the TD Sequential counts for a downward momentum. This was also corroborated by the MACD and the VolDiv.
However, despite the technical indications, the market movement was totally opposite that started with a gap up, and ended with strong upside momentum. There are two very clear indications of a trend change:
1. The opposing candlestick is large and closed above the last six close; and
2. The TD Sequential reversed and started the opposing Setup.
Taken together, this are the first indications of a real trend change.
Next, this would need to follow through, and break above the trendline, and then the marked resistance.
Previous week, the weekly candle broke down two support lines, and closed well below. In addition, there was support from the TD Sequential counts for a downward momentum. This was also corroborated by the MACD and the VolDiv.
However, despite the technical indications, the market movement was totally opposite that started with a gap up, and ended with strong upside momentum. There are two very clear indications of a trend change:
1. The opposing candlestick is large and closed above the last six close; and
2. The TD Sequential reversed and started the opposing Setup.
Taken together, this are the first indications of a real trend change.
Next, this would need to follow through, and break above the trendline, and then the marked resistance.
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