Technical Assessment: Bullish in the Intermediate-Term

Summary

Tuesday’s price action was interesting and, we believe, rare. The major indices gapped nicely higher at the open and added to their gains until about 9:50 a.m. The market then witnessed a vicious selloff in what looked like a second consecutive day with a failed rally. Intraday rallies that don’t hold during a downtrend generally are very bearish and show that investors are selling any kind of strength.

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