Just as things looked to be turning around for the bulls we see a sharp pull back bring us below the 50 day SMA. The Adam & Eve bottom failed to push us above $7,500 and we are back at $6,650 support. It is also retesting the triangle that we broke out of two days ago.
If we don’t hold here then things could get ugly quick. Short sellers reached a new ATH today that gives me hope for another reversal above $6,600. Not necessarily in the form of a squeeze, but instead from shorts taking profit.
I remain neutral and on the sidelines until getting further confirmation one way or the other.
Happy trading and remember that following is free!