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Bullish market psychology is being counterbalanced by charts trends.
Hammer formations now appear on multiple stock market charts.
We would also note the markets appear to be well undervalued via the 'rule of 20' theory.
Entegris has formed a bullish reversal pattern.
Short-term uptrends remain intact.
FII has broken its prior downtrend line and violated resistance after a six-month basing period.
NEM has now violated resistance that had been in effect for around three months.
It is encouraging how the psychology readings (contrarian indicators) are currently stacking up.