After being persistently bullish for weeks without a slight correction, suddenly the market has become quite bearish in the past week with 6 straight down days. And the S&P bullishness index has plunged to the lowest point for the year. As a contrary indicator, this is actually a bullish sign. With the market sitting right at the lower band of the long term uptrend with extreme bearish sentiment, it seems to me that a rip-your-face-off rally moment is imminent at least for the near term.
Could it come tomorrow? We will see!
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