Good Morning all from the east coast. Woke up to another pump overnight just like we saw late sunday night early monday morning. And our current high touch was at 8363 and historically this has been an area of resistance on the upside and support on the down. If the current pattern continues we will see a little bit of a pull back and consolidation within a tight range. This trend has shown us with the fib on the 4hr that buyers are unwilling to give up further pull backs from the .236 which would put us trading in a consolidation range of around 8050-8300. Again we need to cool off the indicators 4hr RSI 75 and dropping and stoch at 92, both well in to overbought territories. All MA's now running together on the 4hr which is a very strong indictor of support. Support on the daily now at 7820 with resistance around 8375. For the longest time in the market we have seen bear flag after bear flag, now so far in this pattern it has been bull flag after bull flag. So keep an eye out, may see a retest of that 8363 to in the very short term, but indicators seem overextended, and buyers may need a rest.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.