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It is what it is department" Fearful market, Bulls are still in the woods. shorter term momentum were improving but not good enough. key internals to recognize are $VIX above 16, Negative NYMO, and TRIN >1. These are the thing that keeping the bulls a sleepless night.
Friday action was disappointed at the closed. MACD, B% and RSI are clear, there are improvement but not good enough, bulls were stalled. sideways to down at best under center line. Last May comes to mind, except Volume profile shows value along this level, down side is limited also.
What bulls need to prove in a coming week? a push higher above last Thursday' HOD will get the buying spree to continue, a trade lower will intensify the selling. we will know this before Monday's open if buying or selling to continue. clear line in the sand for Monday, Bulls got momentum but only price pays, the Hourly sell must fail or bears will be laughing all the way to bank this week. keep it simple. Peace!
My comments are for entertainment/educational purpose only. NOT a trade advice.