Ultra-Short-Term Indicators: We have somewhat climactic readings on the CVI and Participation Index - UP. Any large positive readings should be read as a buying exhaustion since we are already within a short-term rising trend. On the other side, large negative spikes would be considered an initiation to lower prices.
Conclusion: Short-term conditions are looking slightly better given the reversal on the ST indicators, but ultra-short-term are suggesting a buying exhaustion. I'm surprised a decline back toward the breakout point hasn't happened yet. Indicators are still calling for that decline in the very short term, but ultimately the bull market should continue on after a corrective move to attract more buyers.
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