The latter half of the week saw bulls showing signs of attempting a comeback. It started with short covering lifting values higher. While part of the reason short covering occurred was due to the impending October expiry. Compared to long positions, fewer short positions get rolled over. However, the fact remains that short covering indicates bears are backing off, even if temporarily. Finally, last Thursday saw bulls showing some aggression. That raises the probability of some more upside in the market.
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