Alex's daily Market update & Focuslist report - 11/16
GDB closed at -460, confirming the broad digestion & pullback today.
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Thanks, Alex ✌️
Today we saw good selling, as the market followed through on yesterday rejection. Today's reversal starts the digestion/pullback we were expecting. Will it be a one day thing again...we can't know!
We now have a confirmed HIGHER LOW & HIGHER HIGH price structure, which does confirm the trend change with the recent push.
Despite this high negative GDB reading, we saw strong action in technology & growth stocks following the hard selloff at the open. We saw stocks making key levels retest, gaps filled, and closing strong by the EOD with a lot of hammer bars closing near the high. That's typically the sign of a short & shallow pullback/digestion, so I don't see any reason to turn bearish and expect a long & deep pullback here.
We'll take it one day at a time, but so far, I like what I see.
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