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Turnover was lighter once again, so technically the S&P 500 or NASDAQ has yet to produce an accumulation day. However, we noticed plenty of bullish reversal candles on the weekly charts of leading stocks and major averages. The weekly chart of the NASDAQ Composite below shows the bullish reversal action after an undercut of the uptrend line and 10-week MA. Thursday’s gap up was very strong, and probably left a ton of traders in the dust after getting stopped out earlier in the week.

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