Last week technical analyst Chris Kimble shared his technical look at market volatility, which included an inset on the rise in bearish sentiment (first chart below). Today he expands on the topic with an added perspective on the market and the Dollar (second and third charts).
Chris comments: Last week we ran the 500/Sentiment chart, showing that a ton of investors had become bearish in a hurry.
At the close of last week the second chart reflects that the 500 index closed above support and created another "downside bullish" wick along key support.
With the Dollar breaking key support, the ingredients are in place for a surprise to the upside.
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