Earlier tonight I posted a long-term daily chart which I believe demonstrates that we are now in a new downtrend. That said, in the short-term, I still see what looks to be a bull flag. We may try to go and fill the recent cash gap from a couple of weeks ago (red arrow) before finally turning down again with any serious selling.
I do not personally trade such short-term moves, because I believe this fragile market could turn over quickly at any time, and I do not generally try to time the market perfectly, but I want to highlight this for anyone who is expecting a quick move to the downside. It may have to wait until next week.
Yesterday actually looked much more short-term bearish to me, but unfortunately, we did not get any follow through today.
I do not personally trade such short-term moves, because I believe this fragile market could turn over quickly at any time, and I do not generally try to time the market perfectly, but I want to highlight this for anyone who is expecting a quick move to the downside. It may have to wait until next week.
Yesterday actually looked much more short-term bearish to me, but unfortunately, we did not get any follow through today.