Here is quick look at the levels I am watching this week. Not doing the full post due to the holidays ect.
Down trend continued last week. Trading in a smaller bullish channel within the larger bearish channel. Jun 16th low is my line in the sand. More bullish above and bearish below. Oct low in play as well as the 2020 peak if there is a big sell off. Target above remains the downward trendline and 200 sma.
Expecting thin trading due to holiday seasonal end of season. I the back of my mind is the price action of 2018 when the market made its last low on Dec 24th.
Good luck & Happy Holidays.
Down trend continued last week. Trading in a smaller bullish channel within the larger bearish channel. Jun 16th low is my line in the sand. More bullish above and bearish below. Oct low in play as well as the 2020 peak if there is a big sell off. Target above remains the downward trendline and 200 sma.
Expecting thin trading due to holiday seasonal end of season. I the back of my mind is the price action of 2018 when the market made its last low on Dec 24th.
Good luck & Happy Holidays.
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At the key level right now. Bulls want to see this hold
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Could not hold the Jun 16th low so price went straight to the bottom of the smaller channel. Chance for a bounce back into the channel but if the bottom breaks look for a move to the Oct 13th low.
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Mild bounce off the lower channel trend line. Finding resistance at the June 16th low now. Must get above that level for bullish continuation.
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Got back above the J16Low but was sent back down on today's econ data. Looks like another test of the bottom of the channel. If it fails big drop possible to close out year.
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Broke through the lower channel line yesterday but recovered back to it on the close. The previous day's close is key. Below bearish above bullish. A red to green move is what the bulls want to see. Bears want to see a rejection at the PDC.
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2 MIN look. Bearish below this trendline. Break above would signal potential reversal.
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Needs to get through PDC now for bullish follow through.
