There's recurring downward pressure coming from that area circled in purple. I expect it to dictate wave formation throughout the day. I'd suspect a couple of bull traps over the next few days to induce volatility in an otherwise sleepy market. If I were to guess, I'd say we're going to test 9500 resistance in an attempt to enter the down channel tomorrow, but am pretty sure we'll bounce right off of that and head back down towards support at 9300. If you chart this out yourself, you may notice the heartline on our current bear pennant trend goes all the way back to the Bart head on the 1st-2nd of June. Interesting that such an artificial construct many of us have tried so hard to ignore would have so much to say about the events of today.
Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.