Signs That the Market Could Bounce

These signs are not worthy of bullish trades, but they should prompt you to take gains on shorts.

PRE-OPEN MARKET COMMENTS TUESDAY – Yesterday the market gapped up and it preserved half of that gap. That was a sign that buyers are interested near the low of the month. The price action featured a few long green candles, but the volume was not slightly better than average. I believe this could be short sellers taking gains ahead of the FOMC statement tomorrow. We could also be seeing a little end-of-month fund buying.

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