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Gap Fades Near Completion Brings Tepid Buying – Dec 4, 2018

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MARKET TEMPERAMENT –

Fading the gap continues and lower highs hold in a gap down in the early morning. The YM has almost completely filled the weekend move up and is now trying to recapture a key level near 25860.  If this occurs, we’ll have another spurt of buying, else the traders seems to think this sharp upward movement was a bit of a ‘dead cat bounce’ (I have got to come up with a better name than that for us here….. looking for suggestions=).   All our formations are now mixed.  Key level of support in ES_F to recapture is 2796.5.  We remain engaged in a fading relief bounce within a much larger bearish motion.  Watch your edges!

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CLF9 - TPS-TPO - Dec-05 0741 AM (4 hour)GCG9 - TPS-TPO - Dec-05 0740 AM (4 hour)levels2018-12-04-PERF