Today, the sellers managed to broke the trend line (shown on the chart) and accelerated a move to the bottom of the accumulation area bottom (upper box). Whether we see a distribution or continued accumulation remains to be see. At this point I anticipate a bounce since the price stopped at the strong support. If the sellers try to push lower through that support there is a good change of a false breakdown. We should see a bounce and consolidation first then a potential move lower for a distribution scenario.
Tomorrow is options expiration and NFP report, March contract rollover. That could lead to a choppy session and potentially inside day.
03/07/2019
Tomorrow is options expiration and NFP report, March contract rollover. That could lead to a choppy session and potentially inside day.
03/07/2019
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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.