Summer Rally at Make-or-Break Point
Price Patterns
The market needs to rally in the next few days for the summer trend to remain intact. Otherwise, it might be back to the lows.
Yesterday sure seemed like a breakdown below the trend line, but there wasn't much follow-through to the downside today. The next two days could be very telling for the intermediate-term.
Expect news out of Fannie Mae (FNM) and Freddie Mac (FRE), both of which broke down to new lows today. Perhaps news out of these two mortgage giants could serve as the catalyst for the next intermediate-term move in stocks.
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