Telegram Trading

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Assessment:  The slow upward grind continues to new highs, but bulls cannot be happy with the pathetic volume for the entirety of the run. One of the days in the recent run-up saw the lowest volume since Black Friday after Thanksgiving…and that was a half day! Perhaps the sell in May and go away crowd is in full effect right now.

The lack of volume makes it tough to join the bulls with any degree of confidence, because if the bulls had confidence we would see more volume. It also makes it tough to be a bear because the bears are doing nothing to sell into this grind higher.

I will note however, while bears aren’t selling into this grind higher, we have yet to have a short covering pop at any point during the run-up after the recent sell-off. It would seem to mean that bears are holding their short positions despite the price action.

Good luck in your trades!