Sellers are backing off slowly. They could easily ramp up again tomorrow - volume for the first day of the week is consistent with the last two weeks. I'm expecting more red to follow. Considering opening a long position here if the signals are strong and we get a nice bounce. If price action lingers at that double-bottom watch for a quick break below. Everything I see suggests some strong ranging action over the next few days.
Kommentera
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Ranging! I'm sidelined with cash until we get a break in one direction or another.
Getting new 10y bond auction tomorrow. If it’s a good result we’ll probably keep rocketing up until Jpow’s speech next week. If it’s anything like we’ve had it’ll create a sell off
SLOPolarBear
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@PreferredStonk, I'm good either direction at the moment. haha I'm really hoping my upside down C&H plays out. It's not the prettiest pattern but it's still the dominant one. When I look at my basket of stocks, I'm seeing retraces on negative channels. So yeah, more selling seems imminent.
strawserpbiggskc61
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Great, the two days to start bounceing?
SLOPolarBear
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@strawserpbiggskc61, Potentially yes. I should have removed the hand drawn arrow. We're ranging right now so anyone buying should expect to be stopped out. But we're not getting strong sell signals either, so I wouldn't be short.
strawserpbiggskc61
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@SLOPolarBear, Thank you, you are very precisely predicted the market and I will consider doing this empty tomorrow