By retracing off Tuesday's lows by more than 50% in the S&Ps and approximately that in the Nasdaq and Dow, the market is now showing greater favor towards forming a triangle on the daily charts.
Toni Hansen writes that there is enough support on the daily charts to continue to see more choppy action on Wednesday, although she does expect it to not be quite as whippy as Tuesday's session.
A strong trend day such as Monday's will tend to unwind the next day; however it was too much selling to just ignore, so Toni Hansen thinks we will continue to see strong pressure on the bulls as the week continues.
There is often a bit of optimism following the holidays that creates a lot more action, so Toni Hansen is expecting the stock market to pick up considerably.
While the overall bias in terms of the momentum moves remain bullish at the moment, Toni Hansen is expecting the bulls to continue to have a more difficult time.
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