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"It is what it is department", Key focus:
A Bearish Reversal, lately the bearish reversal only turned out to be a blip bear porn, one or two days weakness than a gap to new high just because??? for a classic TA point of view I will have to go with what I see in front of me. what I see is a Negative divergence, Negative MACD histogram with LL bar resumed on Friday, and a Daily bearish reversal candle. so, the start of short term trend change is here. I am bearish bias into next week start Monday.
Short term swing suggest this dip will be bought, bulls still have one buy coupon on this time frame. because new HH has reset all the bearish view on this time frame.
Intraday, I will pay attention to 3270 level as a pivot point. $TRIN has been favorable to the bearish camp.
Weakness can be seen internally but not extreme enough to cause fear. I want to see AD line to go lower to say bears are meant business, right now caution to both side bulls and bears alike. I am leaning bearish overall. Trade well, Peace!
My comments are for entertainment/educational purpose only. NOT a trade advice.