Daily Bars

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Prepared by Jamie Saettele, CMT

Structurally, I've maintained that the consolidation since the May high is just that - consolidation and most likely a triangle. However, there are warnings that a deeper setback is underway from 14548. Those warning signs include the trendline breaks on both price and RSI (notice that the RSI resistance line held). A bullish outcome is possible if the decline from 14548 is completing a flat. The implications would be for a drop below 14056 and a reversal. Near term resistance comes in at 14180 and 14225.