A rule I like to trade by is that "previous support becomes future resistance". Well, here we are, at an area that's previously acted as support. How easily will we move through this? Are we about to get rejected and start our next leg down? Or, are we going to move through this like its no big deal? I've been trading for quite a while and my gut is telling me we can't get all bullish just yet. But then again, that's coming from the same gut that's put me in the hot seat one too many times. I'm really eager to learn from how this plays out. I've got plenty of popcorn.
Comment:
Yikes.... Doji on the daily chart, right below resistance at the 50 day MA. This could get hairy unless earnings #'s are spectacular across the board.
