See note on chart. Yet to see any capitulation from bulls. Solar/lunar cycles bottom out within 10 days. Still short every rip.
Comment
⋅
An obvious point, but that descending trendline is proving to be strong resistance. I see bulls expending considerable buying power and energy to crawl up to that line, only to see very swift declines. Surely each and every attempt weakens the buyers? I still think we're headed down to that gap within a week or two. But the trendline is a good line-in-the-sand for bears.
Comment
⋅
Gap from 21st March filled today, but 50dma is holding so far, and would be good to see a close back under the descending trendline. All over the interwebs I read nothing but sanguine confiidence from the bulls, and even the bears are now throwing in the towel. I will let the market show me, but I do lean towards another washout decline to inject some real fear, wash out some weak-handed longs, and enable a move back up to test the highs again in May. Still short the Dow, and also copper.