Internals are fairly heavy today and it’s the first time in a long while that I have seen a break in many of the daily-bar momentum elements that I track. While price is hanging in there, at this time I see a lower high and low and am looking for that overdue back-and-fill to occur. The market has been so resilient though, we’ll just have to see. I will also note that we are sitting on border-line “non-normal” levels of stretch from the intermediate mean. This can be a good time to keep it small on either side until a cleaner break is observed.
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