With the algos on both the PPMs and the SMAs pointing downwards, the momentum of the relief rally seems to be short lived.
Especially looking at the projected sharp drop in PPM 2 going forward into the next 2 trading sessions, it looks like the 21 SMA is going to be a hard ceiling to crack.
Add to that both the faster moving PPMs are currently under their 2nd derivative, which means there is not likely to be any momentum behind any move in that direction.
The weekly chart is signally it to be a down week just looking at the PPMs 1 and 2, though PPM 3 is still pushing up albeit without trend.
Overall the situation looks bleak for the next few trading sessions and bulls may want to have a tight stop.
Especially looking at the projected sharp drop in PPM 2 going forward into the next 2 trading sessions, it looks like the 21 SMA is going to be a hard ceiling to crack.
Add to that both the faster moving PPMs are currently under their 2nd derivative, which means there is not likely to be any momentum behind any move in that direction.
The weekly chart is signally it to be a down week just looking at the PPMs 1 and 2, though PPM 3 is still pushing up albeit without trend.
Overall the situation looks bleak for the next few trading sessions and bulls may want to have a tight stop.