ReviewLet’s start with where we left off last week for some context.
“The post ‘Trexit’ rally that started on Wednesday took out the first two levels of resistance with some ease. However, the “sell signal” remains intact with the market now back to extreme overbought levels as shown by the red circles at the top of the chart.
The good news is the market is holding above the downtrend resistance line currently which puts all-time highs as the next logical point of attack if this bull market is to continue.
However, is we step back to a longer-term (weekly) picture we get a little clear picture about the overall directional trend of the market.”
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