What's the scariest thing a market advisor has to deal with? It's a market that is stuck in a trading range. At such times there isn't much to write about. Ah, but there is one item and it is my faithful PTI. On Monday, for the first time in many months, my PTI dipped one point below its moving average, thereby turning negative and bearish. However, on Tuesday the PTI was positive and rebounded above the MA. From an early reading of today's market, my PTI has probably fallen below its moving average again, thereby regaining its bearish reading. As an optimist, I'm saying that as long as the PTI trades above its moving average, the picture is both constructive and bullish. I give my PTI precedence over all individual studies. We will have to wait and see whether the PTI climbs back above the MA or continues to remain below.
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