This chart has me a bit excited honestly but I will do my best to remain objective. We have done pretty much exactly what I was expecting since my first in depth for April. We can squeeze another small red week without breaking our 74ish resistance. We needed to cool off daily/Weekly RSI before we could consider long positions as traders and right now the setup looks pretty good. This being said our RSI is still at 60 so I hope to see that get a little lower (50 or so) on the weekly before continuing up (slowly at first). Bulls want to hold 74 to keep the strength of our April bull move but we can lose this and fall to the 50 MA around 61 and still remain bullish. Break of 60.27 will likely accelerate us down to mid 55 psychological resistance followed by 50 then 47 actual resistance. If we get to these levels I will be fully bearish again. This week I hope for sideways with a slightly bearish lean. The 50 ma is sitting right at our 60.27 support which has me a little nervous we could get a big wick or even candle close down there. This is 20% to the downside so if we see that, a lot of the weak hands will fold potentially causing a bearish chain reaction. Although I am cautiously optimistic we are at SIGNIFICANT risk right now as we can make this drop and still maintain our 2019 bullish trend! Bulls may not be motivated to hold.
