You want the good news first or the bad news? Lol... Let's start with the bad... Overseas traders last night initiated a very big sell off. Seems like the feeling was that we were getting just a wee bit ahead of ourselves and well, they're right. We can not sustain a recovery in such a quick order.
The good news is that we are still in great shape showing support on the 200 MA is holding on this 5 hour chart. I have extended the 50 and the 200 here just to show how much time we will need to muster a turn around. The key will be not allowing that 50 MA to fall through the 200... if that happens we will continue to move to lower support areas on this chart that are not indicated... the 300 MA or 400.
I'm counting on the bulls to muster a nice rally here hopefully before they get their credit card bill from Christmas... lol...
The good news is that we are still in great shape showing support on the 200 MA is holding on this 5 hour chart. I have extended the 50 and the 200 here just to show how much time we will need to muster a turn around. The key will be not allowing that 50 MA to fall through the 200... if that happens we will continue to move to lower support areas on this chart that are not indicated... the 300 MA or 400.
I'm counting on the bulls to muster a nice rally here hopefully before they get their credit card bill from Christmas... lol...