Have taken a step away from charting for a few days. Not because I wasn't interested or concerned, but that I simply had more important things to do than ponder my money.
I am unwavering in my conviction that this year will see new ATH in major indices. I will expect a nice bottoming structure to begin to form here.
We lost the first major volume support and tumbled from there. The VWAP as anchored from the march 2020 low picked out the magnetic price level as to where we would, at least temporarily find support.
I like this action, not only as a relief rally but as an important bottoming signal.
Watch and see if it holds that secondary support (yellow) and then we see some action.
Stay safe out there, manage your risk.
I am unwavering in my conviction that this year will see new ATH in major indices. I will expect a nice bottoming structure to begin to form here.
We lost the first major volume support and tumbled from there. The VWAP as anchored from the march 2020 low picked out the magnetic price level as to where we would, at least temporarily find support.
I like this action, not only as a relief rally but as an important bottoming signal.
- 1: RSI is oversold and rebounding
- 2: We have heavy volume supporting
- 3: the Put/Call ratio is probably turning down from here
- 4: We have regained the secondary volume defined support level
Watch and see if it holds that secondary support (yellow) and then we see some action.
Stay safe out there, manage your risk.
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