I think the downtrend is done for a while regardless of how this closes today. The rsi needs to reset and a weak bounce for a few weeks would make sense. 4450 area would be an ideal bounce target, but the RSI will tell us when it's time to short again.
Good luck!
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Target area reached (18 ma weekly) overnight. If they can't rally here, then the 18ma will become resistance on the way back up when it happens.
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ok so it bounced but it's still in this downward channel. Needs to break out of that.
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IWM outperforming. Even if there is one more low I think the bounce comes next week. Similar head and shoulders pattern forming here.
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channel test again, nothing has broken out yet. Hard to say how Monday is going to look.
Interesting enough I think qqq hit its neckline in after hours. I wonder how that’ll affect the market as a whole 🤷🏻♂️
Might bounce tomorrow.
the_sunship
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@mykohph, i think so, the move down into the close looked liked a bear trap, a little lower overnight perhaps but tomorrow should be a relief bounce. we'll see soon enough
Might bounce tomorrow.