MORE news today, but from this side of the pond. Fed Minutes disappoint and PA sells off. But no worry, there was a range limit and it worked very nicely. They sell in disappointment (so they say) but quickly buy at better levels. So goes the story for the professionals..
We hit the highs (expected)
[22:20] <CM> the 32.25 lows converted to a +4 we now have a HL in play bulls will want 40-41 then another try on 1350
in the pre market and had a nice downward Bearish TL with two sell signals at B8 and 32 respectively, with a long near the BOT level on B18-19. A micro bearish wedge developed at B32 signal , but more bull effort was expected with longs looking to enter as PA pulled back into the wedge, They did and their effort eventually hit a FBO short reversal at 1336. 1336 was interesting. Just as buyers were entering , and a signal did flash, the immediate next bar at B49 formed a MAXT and was followed by a Doji on B50. A MAXT is a two-bar doji pattern that will often signal a reversal or a maximum run in a trend. Another issue, was the 50CB of B46 was at 1336. Enough information to be concerned with the long effort.
The micro bull TL was broke at that same 1336 level for the news sell off before seeing a positive MAXT with a buy signal at the lower BOT level (<1 point).
Now buyers had confidence...
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