Well there was the drop and of course it did bounce right on the overnight low. But there is a nice tight down channel which could mean a few more drops ahead, or not.
next week will not be like the last couple, as the greatest torrent of buyback cash in history will be shut off and there just can't be that many shorts left to squeeze. I would add that the Fed is now neutralized, along with Congress and the government. As the boys sang so long ago "we're finally on our own".
Looking forward to Tim Cook putting a positive spin on the Apple situation and the Facebook folks explaing how regulation won't touch their earnings.
The five minute just had a convincing kiss good by of VWAP and the EMA, only thing left to do is break that overnight low and then we will see about the morning low.
Chart for the road: every time we got HH I will give bulls a reset and the benefit of a doubt that dip will be bought and high will retest. this is why I am not as bearish today. gap filled at around 2800 will be a good tell if we will rebound higher. Peace!
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