Flat open, normally any gap after a Major Distribution Day will get filled and the day normally a small range day. Global ES looks like a Bear Flag or Rectangle in the forming, so chances are it will continue down eventually.
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i'm expecting some ping pong action today. bulls will try and take back some moving averages, bears will try and protect. ultimately, a test of that 200dma should be in the works but, do we have a big bounce or little bounce first is anyone's guess.
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I see potential small double bottom here. Let's see if it can make a breakout.
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Cobra wrote:I see potential small double bottom here. Let's see if it can make a breakout.
Nice call, I think that is what will happen with the market movement. Breadth this weak this AM especailly with apple. If it doesn't improve, I think we are just going to chop around.