Not surprisingly, everything with a ticker symbol is up right now. Since the “truce” was announced (AKA total Chinese victory, getting three months breathing room in exchange for an unspecific promise to buy some farm products from us), it’s bright-Christmas-green. What the bulls will want to see will be a steady accumulation of strength right through the close tomorrow. What the bears (if there’s any left) want to see is any kind of “fade“. In other words, if we closed up “only” 35 points on the ES tomorrow, that would be a victory. The key line is that red one. If we cross above 2824.25, the bears better apply for jobs as greeters at their local WalMart.
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I would like to offer up one potentially very grim analog: