We are stuck in consolidation between some key areas of . We entered the daily cloud a few days back and the cloud typically means consolidation when the candles enter it. Now the daily cloud is pretty big in terms of price range but the fact remains that when you are in the cloud it restricts movement to within the confines of said cloud. The 4hr cloud is above our heads at the moment and when the candles are below the cloud its considered . The weekly still looks okay as we are still above the weekly cloud but it looks like that foundation is shaky if you ask me.
We seem to be following the 4hr 50 MA down a slippery slope that could see us in the lo 8k range. Nothing is written in stone folks but I just want you to be aware of everything that can possibly happen. I see a lot of support around 8300 from the daily 200 MA and the bottom border of the daily cloud. Lucky for the bulls we are still well above that mark but its nice to know where a bounce may take place just in case.
Not much to report this morning as the movement was largely boring yesterday. We still have mixed sentiment from what I can tell. People are just unsure at this time and the more time that passes without us having a decent break out the more traders are getting. Either that or they are getting impatient. Will we see a dump today? Only time will tell. I hope the bulls can surprise me and pull off an upset but I wont count on that. The bulls did a good job taking us all the way from 3800 to 10400 within 3 months so I know what they are capable of. But they may just not have the fuel necessary to pump through the 2.5 year descending resistance. (which is sitting around 10100ish) If we can break that resistance the fomo will ensue I imagine. If not look out below! But then again WTFDIK??
TLDR: Im too sleepy to think of something witty to put here. Sorry