Not usually one to speculate which way the market is gunna go but I see it probably taking on this form.
Bullish case:
Brief retest of support area of 13,000ish (blue bar) and boost back up, maybe get back into the former channel/ascending wedge (blue dotted lines).. former resistances become supports.. End pattern might look like an inverse head and shoulders.
Bearish case:
Breakdown through the support area of 13,000 and then back down to the 12600ish support area (green bar).. former supports becoming resistance etc. Can't imagine such a fall will go without substantial uptick days but who knows..
Anticipating the bullish case as I'm naturally bullish and think this is a much needed breather for the market before tech makes another push for highs. Limiting too much exposure to a tech heavy portfolio until the main scares of inflation are over, and when this switching out of tech-to-value/cyclical stocks looses its momentum.
Bullish case:
Brief retest of support area of 13,000ish (blue bar) and boost back up, maybe get back into the former channel/ascending wedge (blue dotted lines).. former resistances become supports.. End pattern might look like an inverse head and shoulders.
Bearish case:
Breakdown through the support area of 13,000 and then back down to the 12600ish support area (green bar).. former supports becoming resistance etc. Can't imagine such a fall will go without substantial uptick days but who knows..
Anticipating the bullish case as I'm naturally bullish and think this is a much needed breather for the market before tech makes another push for highs. Limiting too much exposure to a tech heavy portfolio until the main scares of inflation are over, and when this switching out of tech-to-value/cyclical stocks looses its momentum.
Comment:
Bounced off the blue bar support at 13000ish and finished green. Let's see what next week brings..
Comment:
Looking good, needs to close back within it's channel and maybe in the next few days regain ground above its 50 day sma.
