Markets gapped higher between a third and
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Markets gapped higher between a third and a half of a percent on Tuesday. However, this was a bull trap as all 3 major indices sold off hard the first 90 minutes of the day. From that point, we've seen a sideways grind in a relatively small range the rest of the day. This action is giving us a Bearish Engulfing candle of a Doji / Spinning Top (or, if you prefer, the start of the completion of a Bearish Doji Continuation or Bearish Doji Sandwich signal). This looks to be happening (we are on track for) on average or slightly heavier than average volume. With 30 minutes left in the day, all 10 sectors are down sharply, with the Energy Sector (down more than 4.1%) leading the way lower. 10-year bond yields have rebounded from early lows and are back up to 3.11% while Oil (WTI) is down 5.25% on news out of a Pro-Iran UK television station saying Iran has agreed to a deal with the United States to revive the Trump-killed JCPOA nuclear deal and allow Iran to sell oil. All-in-all, it's looking like it will end up a blah, bull trap, one plus percent down day. | |
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