The longer the market consolidates, the more likely the next move is up. Until the market provides confirmation of a trend reversal, it is prudent to stay with the trend.
COW, an exchange traded fund which is designed to reflect the performance of livestock and is composed of futures contracts on lean hogs and live cattle, has reached a level where a long-term trend line of support is now in jeopardy.
The stock market indices closed mixed today after a choppy session. The day started out with a gap to the upside, as the Nasdaq 100 ran to new highs at 2135.69, while the S&P 500 reached above 1189.53. They then rolled over in a 3-wave decline and formed a falling wedge.
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