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The bulls are taking the better than expected core inflation numbers and are pressing the spx higher this morning.
I am pretty sure whatever number that was put out would have had the bulls moving the tape higher.
Woody has always been looking for a short-term low to come in April and we were at support with minor buy signals.
Even with the spx closing down hard yesterday, it was the exact time to close the short positions and move to cash or tighten your stops.
If we would have opened down sharply, I simply would have looked to see if the buy signals remained intact and where the next support level was to try and get long.
The name of the game to make money consistently is to be on the right side of the moves and UNDERSTAND AND COME TO TERMS that you may miss some moves.
So we are in the first inning of the short squeeze, meaning all the peeps that missed the 150-200 point lower will be shorting any and all rallies here.
They will be used as bullish fuel to try and drive prices higher.
That is the ONLY way the bulls will be able to get themselves out of trouble!
I am on the side of buying dips, but make sure if you go into the long side, there is risk and why I will remain in trade mode for now.
Being the spx looks like it will be opening right at resistance, I would rather watch this first inning with cash instead of figuring out where to jump in. -Gary Dean
SPX Hourly Technicals
Divergences: Bullish Divergences
Resistance Pivots: R1-4455 R2-4472 R3-4495
Support Pivots: S1-4422 S2-4406 S3-4398
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