Market Update – August 17, 2019
We just witnessed a nice market rebound on Friday. The market is showing resilience after the sharp drop earlier this month.
In fact, 2 strong bull flag patterns on ARWR and APPN broke out and held their levels.
Neither of these met the requirements in our optimized high tight flag strategy, but its a good sign that these marginal plays held above the breakout point.
That being said, the technicals in the market have been telling a different story in August. We went bearish in the Daily Alert on the first trading day of August just before a 5%+ drop in the Nasdaq and S&P 500.
So is the Friday rebound a bull trap? Watch our latest video market update to see our latest analysis.