Jul

6

We had eight new lows on the down swing in June and that marked a good bottom of that swing. Today marks the eighth new consecutive record session of new daily highs on the S&P Future Sept. And contrary to the bearish Candlestick analysis, the few times that this has occurred in this century have been in fact quite bullish.

Notably eight new consecutive highs was not seen in the last five years of the last century in the big run up. The paucity of data make conclusions difficult with any degree of confidence, but the tendency seems to be in line with the general upward trend and to extend upward runs. This also highlights the difference between longs and shorts. They are not symmetrical.


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