Despite Fierce 2-Day Ramp, We Remain in a Down Trend

If you're holding short positions, today's closing ramp stung. That said, I want to point out that we remain within a down trend channel formed from the highs on the 9th and 23rd of June. Today's short covering ramp came up to test that channel, but could not break through. We will need to monitor this overnight to see if it is tested again.

That said, we are still looking for a lower low to form below the one made on June 15th.