Wonder how many trader/risk capital is looking at this market with view of going long of lows (eg pick the bottom) and push market up into Fridays' expiration. Options market makers would certainly minimise pay-offs on sold putoptions. It would be very suprising if the market isn't going up next few days. Too much at stake for the big boys!
For now, is this a bottoming pattern or a cruel bearflag? On the 10min chart it seems that there is a bit more leeway down before PD in RSI, MACD and CCI get violated.
Guys, don't guess the bottom... The Bears have us all by the bulls
It's close- 3 day divergence in CCI and a distinct failure to make support on the 10 min gives us a small hope of a bottom. WE need to come out the other side with something a bit more positive, like a clear D /bottom, a "W" or Inv H&S so we can get a target by which we can determine up or continue....
Not much of interest really, save BG's comments about tracking higher lows... what else can can you do? Tread carefully , I guess, and use smaller stake sizes whilst there is uncertainty. The interesting thing today is the late up channel that showed the failure mechanism by way of not making resistance ( or support for a bull break). Much the same as can be often seen in triangle breaks from time to time. So what? Well, you can close a long for minimum loss, or take a short.... The same can be seen earlier as the price hit "rock bottom" at 10,111. This time, support failed to make it.
After the severe falls of the last week culminating in yesterdays rout, it doesn’t take much foresight to suspect that we may have a decent bounce soon, and the big picture confirms that we are now in a historic support area….
But as usual, climbing the “wall of worry” has immediate obstacles to confront, namely the FOMC meeting on interest rates today, the details of which will be released at around 19.15 this evening…….(it’s not what they say, it’s the way they say it…….! )