Mid-week market update: Technical analysis can be highly interpretative. Consider, for example, the bull or bear flag, which is a continuation pattern. For the uninitiated, a bull flag is a pullback within a bull trend and the trend is deemed to have continued when the stock or index stages an upside breakout from the flag. The reverse holds for a bear flag.
With that brief explanation in mind, did the S&P 500 just break out of a bull flag, or is it still tracing out bear flag?
Bullishness and bearishness are in the eyes of the beholder.
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