We got more buy signals at the NASDAQ Composite Index, COMP, when it closed above the resistance at 2 890. See the long chart in previous blog post.
I continue with my long positions, but I move my stop up to 2 829. We have an important trend line which provides support around the horizontal support at 2 834. I do not want a closing below that level.
It is a very real risk that this up move is just a big bear market rally. If so, the downward movement could become dramatic.
So, because of that I want to dance close to the door.
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