Stock Market Technical Analysis
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At 120pm cst the TLT (Bond ETF) had a three line knot suddenly appear in the 5min chart of its large moving average lines. The bond traders saw this approaching and pounced on the opportunity to pop the TLT $3 higher in just a few minutes. The NASDAQ is already starting to recover its 5-day channel after dropping out of it at that bond pop but nonetheless, the advance/decline is having to start again from a lower level. People might be getting jumpy as the VIX (volatility index) has already moved some into the upper half of its longterm channel. We are having warfare between the stock traders and bond traders as to who will be forced to start a new leg down.
Alan
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