It seems like momentum is heading south, fast. The algo on the weekly SMAs are already south bound with the 10 SMA being the strongest indicator yet of a train wreck incoming.
While the PPMs are still not in a down trend, the algo looking out seems to signal a downside bias for the momentum.
On to the daily charts, the PPMs 1 and 2 are already heading down while the PPM 3 is still catching up.
That said, the algos on the PPMs are not predicting much more downside momentum. PPM1 is already in down trend mode but the algo is predicting no more further deterioration in momentum and instead a return to no-trend. This explains the abrupt floor beneath the 10 SMA.
This means that there might be a relief stabilisation over the next few sessions only for the selling to resume. Bulls to look out for warning signs on the weekly charts. If the signs do not change, the bears will win this race.
While the PPMs are still not in a down trend, the algo looking out seems to signal a downside bias for the momentum.
On to the daily charts, the PPMs 1 and 2 are already heading down while the PPM 3 is still catching up.
That said, the algos on the PPMs are not predicting much more downside momentum. PPM1 is already in down trend mode but the algo is predicting no more further deterioration in momentum and instead a return to no-trend. This explains the abrupt floor beneath the 10 SMA.
This means that there might be a relief stabilisation over the next few sessions only for the selling to resume. Bulls to look out for warning signs on the weekly charts. If the signs do not change, the bears will win this race.