After the week of the bull I can see only a weak bull. It seems we topped in our 3rd daily cycle on day 6. I would've liked to see yesterday's close below Friday's low (1293,5) for a bearish engulfing close but all we got a daily swing high. Price bounced as I posted in the hourly chart update but in the night we gave back all of the gains : Asia was selling.
There was no key reversal by the Monday close : but today we have the follow through and it's more important.
I don't see anything until after 1261 : this is the 200 MA , the previous DCL and the triangle trendline.
Breaking down that level - and I'm sure we will break - there will be some kind of panic as bull will question the whole bull market again and bears will wake from their winter dream.
SHORT FOLLOW THROUGH update - we are short from 1295$.
There was no key reversal by the Monday close : but today we have the follow through and it's more important.
I don't see anything until after 1261 : this is the 200 MA , the previous DCL and the triangle trendline.
Breaking down that level - and I'm sure we will break - there will be some kind of panic as bull will question the whole bull market again and bears will wake from their winter dream.
SHORT FOLLOW THROUGH update - we are short from 1295$.
Comment:
Money is flowing out from gold to the stock market.
Look how easily yesterday's dip reversed in the S&P:
Look how easily yesterday's dip reversed in the S&P:
Stop in place.
While we are below the 10 EMA it's a downtrend. And even if close a bit above it the next day need to print a follow through before I start to be nervous.
Let the day traders gamble today.