Nice move up yesterday but, looking forward, today the market may fall back below 1100. Here are some previous cases of strong one day reversals and what happened after them.
The pattern is down today and up again starting tomorrow. The only time this pattern failed is when the day after the reversal opens with a big gap up. Today, this will probably not be the case.
The NFP report on Friday might also deter buyers, since recent numbers have been quite bad.
Thus, I will take profits on my longs on a rally, even before the US open, if the market rises back to 1123.
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