Market Analysis for The Week of 4/19
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In last week’s plan, the strength of the uptrend was once again noted. It has remained incumbent upon sellers to negate it. From last week’s plan:
Into this past week, I did have an inkling that we were likely to take out the preceding Friday’s low.
We got a gap down on Sunday night, which traded into the major bull gap. I was looking for a multi-day balance to form above this bull gap and a look below and fail (LBAF) of this multi-day balance would have been a long setup. Instead, the entire trade played out between Sunday night and Monday, keeping the trend fully intact with a bullish engulfing day once again.
It was an incredible move, but defense of the bull gap on the Sunday night gap down led to the LBAF long and then the breakout with continuation long.
When the market was in an active downtrend with sellers in full control, the only thing to talk about was potential UPside. Otherwise, it is easy to stay short. The last few weeks the focus has been on what must happen to negate this uptrend. That way, if it does not materialize it is straightforward enough to stay long. That will again be the focus for this week. We will understand what must happen to even neutralize this trend let alone reverse it.
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