In April as we bounced off support at 1540 I wrote a post called Technical Analysis Doesn’t Have to be Difficult, I identified the uptrend and showed possible levels of support. Today I wanted to provide an update, however not much needs to be said. The Relative Strength Index has continued to stay elevated above 40 and price found support. Yep, it’s that simple.
I’ll continue to post charts that look below the surface of the major indices and see if things begin to breakdown that could threaten the current trend. But at the end of the day we are still in an uptrend.
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