For the past three months the close of the market has held above the Yearly Open. If June closes below it, this will indicate bulls are weakening.
Comment
⋅
Big boys may be looking for longs to sucker in. Recent 'support' found between 27950-28200 is held with low volume. The low volume is the dumber money trying to force down the market and reflects the dumb monies total liquidity. The institutions are hesitant of further devaluing their remaining positions by plunging the market further so are defending the current support zone. Instead they are looking for a relief rally to sell into - one which is in the making. Be suspect of any coming rally as it is expected to fail and the most it will climb to is the downward breakaway gap level of 30,000.
The short term downside target has been run. Looking at the world markets a possible technical rebound is in play as the markets have seem to digested the highly anticipated news on the heated topic of trade wars with little adverse reaction.
Given the absence of unanticipated adverse news, the market should be on its way to test the yearly open level and attempt to close the 15th of June gap. - Short term view [ BULLISH ]
Given the absence of unanticipated adverse news, the market should be on its way to test the yearly open level and attempt to close the 15th of June gap. - Short term view [ BULLISH ]