Very good bounces from the lows, but we've seen this before and charts broke down to lower lows. Is this time different? We don't know yet.
When the hourly uptrends are lost then our daily tops will be in, and we will watch for healthy consolidation and hourly trend changes back to the bulls to tell us that daily consolidation is over.
From there, bulls must break the top of these moves in order to prove anything to us at all.
This weekend is when you want to start categorizing names:
Who has a daily uptrend?
Who is above daily EMAs?
Who had a large bounce?
Who had a weak bounce?
You can use the answers to these questions to inform your game plan going forward, regardless if you're a bull or a bear
When the hourly uptrends are lost then our daily tops will be in, and we will watch for healthy consolidation and hourly trend changes back to the bulls to tell us that daily consolidation is over.
From there, bulls must break the top of these moves in order to prove anything to us at all.
This weekend is when you want to start categorizing names:
Who has a daily uptrend?
Who is above daily EMAs?
Who had a large bounce?
Who had a weak bounce?
You can use the answers to these questions to inform your game plan going forward, regardless if you're a bull or a bear