- Technically the MKT is on edge and flirting with a release. The MKT has produced a big negative signal and any positive corrective action is expected to be short-lived. Any held strength is a sign that the trade will turn digestive.
- On the SELL side accept FADE, REVERSAL and BREAKOUT strategies below the previous session's high point. DIR and DP BREAKOUT may need to be "worked" as the MKT is on edge and will be emotional, producing some starts and stops before it drops.- On the BUY side avoid REVERSAL strategies off major support levels as these signals are more likely short squeeze rallies. BREAKOUT strategies above the previous session high are a long shot, so risk less and go for more. Any DIR or DP FADE should have confirmation and is not recommended if the integrity of the previous session high is intact.
This could take awhile longer than today, tomorrow or this whole week.
In fact more likely short to midterm.
Bulls >>> On Guard!
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