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A typical day would be down in the morning then up and up till the close so don't be fooled by the pullback now which is typical so far. Only the selling decisively break the EMA20 then maybe it's a real pullback, just a maybe.
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Rebound from EMA20, 50% chances it'd go up and up despite now looks weak so still too early to say bulls are over.
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Possible higher low which means the morning pullback was over.
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LONGER TERM:
FORMER BULL is extremely bearish on both equities and the economy right now.
"The soft landing charade is exactly that - a charade.... The moral of the story is that technical analysis is a joke and nobody really knows jack shit about where the market is going from here. But one thing is for sure: a pronounced move higher through all-time highs (a “breakout”) hasn’t happened yet." https://www.zerohedge.com/markets/soft-landing-charade
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
If we close here at this level, we will have a shooting star (bearish leaning) still need a swing low to follow to confirm, so.....nothing to see for bears just yet. Peace!
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My comments are for entertainment/educational purpose only. NOT a trade advice.
Out for lunch, didn't see this coming. Consolidation so bias is down now.
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Generally the rebound should be sold. EMA20 above is a common place where it gets sold.
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