Looking at the four major market proxies,
DIA, SPY, MDY, QQQQ you will see a common scenario, the previous resistance have now become support as pointed by the green arrows.
Today's closing prices with the exception of the QQQQ have come near or have touched support the blue lines this is the "test", next we need to see prices continue to bounce from this area to be able to resume the uptrend.

A bearish leaning scenario would be the price fails and break support then we may see a probable sideways trading action that could revisit the May lows. Before this thing could happen I'm already out of my swing position.
No comments:
Post a Comment