BIG time reversal in the market Thursday/Friday. Friday's open to close buying looked a lot like short covering so if we break out of this pattern upwards, I'd expect a solid move higher out of the market. If you have been sitting in cash, this week may be the week to deploy some capital. A scan of the market showed me something I haven't seen since January --- a plethora of setups. When you see one or two charts setting up, that's always good, but I don't have any real confidence in the market until I start to see names across the board setting up.
You can see in the SPY chart below we are approaching a major inflection point -- and Mr. Market will have to decide very soon whether its street meat or lobster tails for lunch. With chart's setting up it leads me to believe the latter, but with the whipsaw action we've been seeing, can't over anticipate.
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