Recent Buying Remains Range Bound
Election week buying has managed to undo much of October's selling, but for all the enthusiasm it doesn't change the broader consolidation which is an index caught between Autumn peaks and swing lows.
Technicals for the Nasdaq returned to a net bullish picture but the index now finds itself back at - what had looked to be - a double top. As J.C. Parets has noted, how many times do you see a triple top? Not very often, so we must consider this test of resistance is part of a larger move higher.
You've now read my opinion, next read Douglas' blog.
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