Not a surprising action in today’s session. A pullback was triggered in premarket and offered a short opportunity. Overbought conditions added the odds. A long opportunity was available as well in the morning session. Considering the recent bullish sentiment the buyers were constantly interrupting the correction process by attempting to turn the table. This is an action that shakes out the weak sellers - those who tried to short from aggressive locations. The broader market wasn’t that weak to support aggressive shorting. Eventually, the short term bearish bias prevailed in the afternoon session. The market is heading to retest the support area. But the aggressive buyers may be active ahead of it. Observe the action when it gets closer to the support for clues.
8/20/2019
8/20/2019
