Looks here as it has b/o to the side of the intermediate term trendline from 10/12..........also is at some major support level around 1070.......as they say price tends to tests levels several times before breaking them......this looks like lots of distribution at the top of the long-term trend.....if it b/o thru the lvl . of 1070 then this thing will most likely be confirmed to be in a new
i've never heard "price tends to tests levels several times before breaking them". it makes sense now, both at resistance, and at support. today's action was not what i expected, given the strong bearish flavor of this since Monday, and esp after Wed it failed to rally while others did, but i guess Thurs rally was too strong to ignore, however, i did feel that volume was light, and therefore do not expect this rally to hold into next week. thanks.
on the daily chart this is also forming a rounded top, which looks bearish. but with the fake FOMC rallies, you never know. my previous comment about low volume was meant to say as the price clawed it's way higher in the afternoon session, it appeared the jumps up where fueled by very little volume, and yet price held (there were no immediate sell offs after the spikes). maybe bulls felt it had fallen too far too fast, and they thought it would go higher into Friday.