The price broke above the mature consolidation area today and closed with a bullish candle. Driven by heavy technology stocks the index performed better than the rest of the indices. However, the breakout was not strong. The reason for that is the exhausted move from the bottom of the consolidation. The price did not have enough time to rest. I consider this breakout as continuation of yesterdays move with slowing momentum. Feels like the train is slowing down :)
The price action today was very mechanical. The Algos were buying at predefined levels that was easy to predict and enter long. It did not require to read the market. The participation was low though.
I anticipate the price to stay within a new area that was developed during the Globex and RTH sessions today. A break below today's low would be a first sign of weakness but consider the following: there is a timeframe alignment bias wise, long term and intermediate biases are bullish. A break to upside would be in alignment with the that bias. The 7300 target is a magnet.
03/12/2019
The price action today was very mechanical. The Algos were buying at predefined levels that was easy to predict and enter long. It did not require to read the market. The participation was low though.
I anticipate the price to stay within a new area that was developed during the Globex and RTH sessions today. A break below today's low would be a first sign of weakness but consider the following: there is a timeframe alignment bias wise, long term and intermediate biases are bullish. A break to upside would be in alignment with the that bias. The 7300 target is a magnet.
03/12/2019
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Disclaimer
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.