Without volume pushing price up, one can only deduce what would happen eventually. This push lower at the end of the day was a good one at that. The bulls could not support the rally that started earlier today before the open. We still remain range bound, and should start seeing next week a decision to an upside or downside to close out the month. This is an important close as this keeps us either in a bearish trend on a monthly scale or if we have bottomed. The fact that any sentiments in this time-frame would last a few months would be a bad sign for the bulls if the index closes down by the end of the month.
So far the lower time frames look to be forming a positive divergence between indicators and price, but would need for price to make a lower low to confirm.
The rally today was also stopped out by the 60min 75 MA. Therefore price remains weak and I remain bearish at this point.
SEN: Bearish
ST: DOWN
PA: DOWN
No comments:
Post a Comment