Friday's jump while unexpected did not continue in today's opening trade. Hence we could be seeing some more stabilization with possibly a larger range.
Algos on the daily PPMs show banding around the 0 line, which means the SMAs will start bunching together, which also means stabilization and range trading for some time.
On the weekly chart, momentum looks weak with the algos on the PPMs looking to bring them further down. PPM1 has just gone below trend mode while PPM2 is now in a down trend. If we close today below 3.22, PPM1 could close the day with no trend, that means none of the weekly PPMs are signaling a trend up.
The only up side is that the low fib targets have been adjusted higher and are on their 2nd week despite the sell off this morning. Hence I would not be too bearish yet. The floor is not going to collapse, though it is sloping downwards for now.
Algos on the daily PPMs show banding around the 0 line, which means the SMAs will start bunching together, which also means stabilization and range trading for some time.
On the weekly chart, momentum looks weak with the algos on the PPMs looking to bring them further down. PPM1 has just gone below trend mode while PPM2 is now in a down trend. If we close today below 3.22, PPM1 could close the day with no trend, that means none of the weekly PPMs are signaling a trend up.
The only up side is that the low fib targets have been adjusted higher and are on their 2nd week despite the sell off this morning. Hence I would not be too bearish yet. The floor is not going to collapse, though it is sloping downwards for now.