Over the past year, the NYSE has created some key Bullish downside wicks at short-term market lows. Two days ago a downside wick took place at channel support.
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The large bullish wick that took place at support line (1) should be respected for its bullish potential! A breakout above resistance at (2) for this broad market index would be sending a signal that higher prices are to come! Keep in mind the “Shoe Box” indicator has not given a sell signal as of yet (see post here)
Game Plan…This is a great place to pick up this index with a stop just below channel support!