After struggling for 5 out of the past 6 session, the bulls managed a pretty good session on Thursday. Gains were solid and breadth was good, but the action didn’t do much to resolve the shorter-term technical picture in with the indices remain in their multiweek descending channels. Under the surface, the action remains choppy, and the bears are convinced that it’s a matter of time before the bottom falls out.
That may be, but that doesn’t mean we shouldn’t continue to dig deep and look for opportunities. The bears, as always, have some compelling arguments, and it’s easy to find yourself stuck if you sit and dwell on all the things that could go wrong. However, for now, the big picture technical profile remains positive, and while it’s been a bit of a slog lately, the good news is that high-odds set-ups continue to develop, and that’s what we prefer to focus on.
Let’s take a look at some charts:
At the time of this post, RevShark had no position in any of the stocks mentioned.
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