Trick or Treat Bulls?!
I think this must be the 3rd intraday reversal to the downside in I believe 6 sessions; it started a week ago Thursday. We've now returned to the 1047 level, and the 50 day. Remember we said, anything between 1047 and 1070 was white noise to us... now it gets interesting if we crash through this same support twice in 3 sessions.
If this occurs it will be time to view things with our bear shades on...as I said in the previous post this bounce seemed shady to me as many stocks in my watch lists have broken charts. Every so often I get lucky ...
I remain cynical on this bounce due to so many individual breakdowns in charts. Until that changes it's hard to believe in just another easy bounce.
Again, let's expect at least a quick defense of 1047 as
our tax money is used to prop up the equity markets the free markets come to defend the 50 day moving average. What happens after that first cursory bounce is the important thing. But...the more times we attack a line like this, the higher probability the free market eventually wins.