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The Eyes of the Beholder

Mid-week market update: The S&P 500 is stalling just below its 200 dma after becoming overbought on the 5-day RSI and the percentage of stocks above the 20 dma. What technical pattern is it tracing out? Is it a bull flag (shown by the red lines), or a bear flag (black lines). 
Bullishness and bearishness are in the eyes of the beholder. 

The full post can be found here.

 

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