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PUBLIC: Top of pink channel

After the Senate passed the Trump Tax Plan, which still needs reconciliation with the House version, futures gapped up on Sunday afternoon and we are seeing the pink channel playing a role in the price action yet again.  I took this snip almost 30 minutes into the trading day on Monday, 12/4.  A breakout above $267 SPY would be a bullish development.  Falling back into the pink channel could mean another trip to the bottom trendline near $262.50 or at a minimum, a gap fill near $264.50.  Enjoy the update.

One Comment

  1. Dr. J
    Dr. J December 4, 2017

    Mission accomplished…gap fill just below $264.50 happened in the last hour of trade. No man’s land in my thinking as we are smack between the top and bottom of the pink channel. Break above, bullish. Break below, and break below Friday’s low without whipsawing back into the channel relatively quickly, would be bearish. These are short term comments, not long term investor comments.

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