After a failure to break through the 30,000 resistance three times, it appears that the bulls have given up and the bears took over.
When we connect the two local tops and copy that trend line to the bottom, we create a perfectly symmetrical channel.
It's unclear whether we're going down all the way to the support line of the channel, but I have to agree that things have started to look more bearish after we topped at 31,000.
With the FOMC interest meeting around the corner, we have to consider the idea that Powell will announce that he won't cut the raise, and potentially even raise more in the future, leading to a bearish reaction.
Time will tell.
When we connect the two local tops and copy that trend line to the bottom, we create a perfectly symmetrical channel.
It's unclear whether we're going down all the way to the support line of the channel, but I have to agree that things have started to look more bearish after we topped at 31,000.
With the FOMC interest meeting around the corner, we have to consider the idea that Powell will announce that he won't cut the raise, and potentially even raise more in the future, leading to a bearish reaction.
Time will tell.
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