There Is a Floor In The Market

After studying the charts for the last few days, I have come to the conclusion there is a floor in the market. That floor is 535 in the SPY and 450 in the QQQ. Therefore, the trend is up, unless or until there is a close below those levels. The problem with the rally is the internals are weak and not what I would expect to see in a strong bull rally. Therefore, longs have to be approached with good trade management. Also, beware of a news event that can change the current perception of value.

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