Stock Market Weekly Review

All three major stock indexes are above their trading ranges. But there has not yet been a drop towards the top of the trading  This frequently happens as a way for the market to make sure there is not much selling pressure. If there is, that would greatly impede a subsequent rally. If a drop peters out quickly showing very little available supply then the market will be ready for a substantial rally.

The small range of the up bars on Wednesday through Friday suggests such a drop is likely. The question is whether such a drop will stop at or above the trading range or if it will drop back in. We will have to wait and see.

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