When The Bulls Became Bears

Hey guys, so for the moment the bears continue to dictate price action after yesterday's minor sell-off, as overnight losses in futures extended into the US cash open. After recapturing 2 key trendlines from the bulls yesterday ( ascending channel , and megaphone), the bears are taking full advantage of the downward momentum, and we're now racing toward the top of the triangle around 349. There's very little support above 350, and with the 21 day EMA sitting around 349.80, and volume steadily increasing behind price action, this is the next logical interim support imo. With the rug now pulled from beneath the bulls, let's see what the bears have in store as we approach the end of the week. Vaccine headlines are circling the MSM again today, but this new narrative is seemingly losing it's ability to impact (distort) sentiment.

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Comment: Overnight gap has been filled at 356.25, and it looks like we're in the early stages of a bear flag formation on the 5 minute. Let's see what happens next...
Comment: Looks like we're seeing a technical retest of the megaphone trendline (357.50), as resistance. Based on polarity principle, we should see a rejection here, and a continuation of the interim downtrend...
Comment: Clear break below the flag support now, so let's see if the bears seize this opportunity to take us to the next gap fill around 353...
Comment: Prior support retested as resistance, here we go...
Comment: Vix catching a bid off the week's lows. But, appears to be caught between a rock and a hard place today. A notable break to the upside could bring us to the 200 period on the hourly, around 27...
Comment: Bulls doing their best to bust through intraday resistance at 356.25. The megaphone is still in play at 357.30, so we may see some more upside before a daily rejection at this level. As we approach power hour, the message from the bulls is clear: We are not going anywhere...
Comment: Bulls are kissing the 21 period EMA on the hourly (358.18). Let's see if the megaphone resistance line at 357.30 holds up as we enter power hour...
Comment: Quiet into the close (as of 3:39pm). Need to run, laptop about to die. See you guys toorrow! Cheers, Michael.


Jobless claims worse than expected. I guess it's time for a rally :)
+4 Reply
Hedge_Of_The_World dustinmerryman
@dustinmerryman, Lol. Ya buddy, interesting morning session. Jobless claims rose quite a bit, but I guess bad news is good news, and good news is good news. You know how it is. Technical bounce with 357.30 acting as resistance today. Vix should catch a bid in the afternoon session. Lot's of action still to come...
+2 Reply
Literally just charting that same 5min.. Gonna be tough sledding for bulls from here.. Tested that 356.25 level 5 times, and couldnt hold it..
+2 Reply
@WDERUVE, Completely agree. This is starting to look like a scene from Cliffhangar. Lol.
WDERUVE Hedge_Of_The_World
@Hedge_Of_The_World, Lol The opening scene to be specific..
+1 Reply
@WDERUVE, haha, ya buddy, "Come on guys, the wind's picking up!" Lol...
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