Look For A Pause or a Dip This Week

The price action tells us we don't have the firepower to attack the high of the year and the news is light. Here's how I would trade this week.

PRE-OPEN MARKET COMMENTS MONDAY – I am still bullish, but the tiny-bodied candles during the last leg of this rally suggest resistance. We are flirting with the high of the year and the recent price action suggests that we don’t have the strength to attack that level and breakout. The news is fairly light this week. We will get the second GDP reading and ISM manufacturing. Overseas markets were down slightly.

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