Notice the bearish engulfing candlestick today, after the doji yesterday? I believe that means we are going back down to retest the green line I drew in the 295 area. We just made new highs, but could not close above the highest close level set in July. I do not believe this sell-off will be anything more than simple profit taking after this nice rip up after breaking through consolidation. More or less, I think this will be just a breather ... UNLESS, negative trade war news comes out.
As always, the trade war is determining the technicals right now. If negative news comes out between now and the new round of talks in October, I think we will bust through that green line and make a move to test a double top pattern. If that happens, look out below!
I'm overall bullish based on technicals, but bearish to start next week. I positioned my account appropriately yesterday and today to survive the profit taking.
As always, the trade war is determining the technicals right now. If negative news comes out between now and the new round of talks in October, I think we will bust through that green line and make a move to test a double top pattern. If that happens, look out below!
I'm overall bullish based on technicals, but bearish to start next week. I positioned my account appropriately yesterday and today to survive the profit taking.
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