Market participants are waiting for a pullback in stocks and it looks like the pullback has already started.
The Nasdaq index went briefly above its 200 day moving average, stayed above there for a few days and it has now drop below its 200 day moving average. It looks more and more like a false breakout.
The phase chart is now at “Recovery” phase moving down from “Accumulation” phase. It looks set to test its 50 day moving average.
The selling will intensify if the 50 day moving average is taken out by the bears.
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