today's action makes things real simple

For me todays action makes things real simple. The high and low are both significant levels in the stock for the short term. We saw immediate selling pressure that came in this AM at 465 which shows the market recognizes the importance of that level. Further we see the bulls strongly supporting the stocks latest gap around 454. I say strongly because after making those lows we pushed a few points off them and went sideways without any real retest. My range is as simple as that and I will be watching to possibly fade any retest of either of those extremes just. for. a. trade. Overall I think it would be very bullish and beneficial for the bulls if we went sideways here for some time before pushing higher.

EvanMedeiros

Evan Medeiros
Founder, Trade Risk
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