This morning the market is showing more strength than I expected yesterday. As far as I can tell it still looks like all pullbacks to the trendline will be bought. I expect the Powell speech to help us sell off to around 4160 on the e-mini futures, but to me it's a buy unless they break below 4140. People are still very bearish and frankly I don't see the market cooperating with bears at this time. Again that low rsi with 4 hour bullish divergence still looks like it was a strong buy at 4110.
Commento:
ABC looks right here - C should be the dip to buy if this is correct.
Commento:
at the trendline, could go a wee bit lower first
Commento:
holding trendline so far, OIL is also at support.
Commento:
trendline break, they need to get it over 4140 by EOD for it to look like a bear trap. Under 4100 would be a strong case for bears to sell all rips.
