If we gain this level then we have a shot at a bull run to 10K. We did break above the 26 day moving average. But there is a lot of resistance to go through on the way up. We're currently still in a down trend and under the 200 day moving average. So I am still bearish and will be laddering in shorts up to 9200.
Note
A lot of shorts closed on this move down. But we're back below the 26 day moving average. Momentum is down on the 4 hour and only slightly rising on the daily. If price reverses here it does make a higher low, but it may not have the kind of momentum needed to regained lost ground. Still bearish.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.