Cycle trading: Possible 'sell the news'
|Fed Chairman Jerome Powell is scheduled to speak on Wednesday. Stocks broke out to a new high last week, but have not delivered any bullish follow through. We are starting to see bearish divergences developing on the oscillators. This has me concerned that Wednesday's statement might trigger a 'sell the news' response. A swing high and close below the 4240 breakout level would indicate the daily cycle decline.
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