By: Scott Redler
The market opened up this morning and quickly went right to the 1040-1042 area. It almost looked too easy to short that area once again. This was your “classic retest” and the market then reversed to downside.
NASDAQ:AAPL and some key stocks could not hold their gaps. Today was a very unimpressive attempt by the bulls.
We now have a new micro range of 1010-1042. The longer we stay here below 1040 the better the setup is to break 1010 and give us another leg to my downside targets of 940-970.
We were very oversold and we had decent news today. The market yawned! Listen to the tape, it doesn’t lie. We have some new points of reference to trade against.
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