Nothing much has changed since our last article. We saw some resistance at the 8680 level, which is a minor retrace level, and not just blowing through this level provides some guidance that sellers may be starting to exhaust which will likely set us up for a potential breakout, but the big question is where? We still maintain the 8200-8400 level for an area we are looking for a reversal. How the market reacts here will provide some insight into whether we break to the upside with our target range of 9600-10050 or we retest the previous low with the bears taking back control.
I know this is boring but sometimes boring is good. Weekends tend to be strong for the markets, though last week proved otherwise, and the market is trying to enter the area on our charts where there is a high probability of a reversal. Let the market evolve.
I literally wish I could post more but I would be boring you with a bunch of nonsense at this point. As we enter the 8200-8400 we will gain better insight into where the market moves from here. Patience is key and if we get a trade setup we will post accordingly.