CLEAR BREAKDOWN POINTS NEARBY, MARKET UNCERTAINTY AS OF TODAY
This is the short term view. I will post the long term as well.
The past four market days have seen a large increase in volatility, as the bears and bulls fight for control in this range. Today saw a large gap down, and a reasonable attempt to stay above yesterday's lows. These lows happen to be very strong resistance from all of last week as well. The price failed twice to hold these levels, yet stay just below them.
A gap and hold above this 207.30 level would be very bullish, with implications of visiting Monday's open at the low 209 levels. This would be accelerated by the short squeeze this would cause.
Gap below would help the case for a continued short.
I'm short from Friday, waiting to see how this plays out. Good luck
The past four market days have seen a large increase in volatility, as the bears and bulls fight for control in this range. Today saw a large gap down, and a reasonable attempt to stay above yesterday's lows. These lows happen to be very strong resistance from all of last week as well. The price failed twice to hold these levels, yet stay just below them.
A gap and hold above this 207.30 level would be very bullish, with implications of visiting Monday's open at the low 209 levels. This would be accelerated by the short squeeze this would cause.
Gap below would help the case for a continued short.
I'm short from Friday, waiting to see how this plays out. Good luck
Note
Big attempt to reclaim support by the bulls from the opening bell today, ultimately failing and then breaking below the lower long term trendline, testing it, and closing below. This is very good for the bears, and I suspect that unless there is some unprecedented bullish activity, that we stay below the trendline.
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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.