First of all, I would like to state the inconsistency of my sources. Yahoo Finance is a good source of free data however, yesterday's its data was a bit misleading as already stated once before. Yesterday, Yahoo Finance stated that the market opened at 3162.94 with an intra-day range of 3162.94 and 3201.38. The market closed at 3171.09 according to yahoo and this led to my conclusion of a shooting star. However, today's chart shows a big white candle with a long wick and no leg making it less of a shooting star. Apparently, the market opened lower than reported.
That does not change my outlook for the time being, however, it would have changed the predictions of today. Given that yesterday was not a shooting star, today would not be a down. In fact, it is not. Today the trend was up.
Today the market closed in a white candle gaining 16.14 points. It has now reached the level at which it was at its last peak. Considering the onset of a new cycle, I would place the following supports. Low at 3000, High at about 3250. Not a completely bullish estimate.
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