Good afternoon, traders.
After yesterday’s decently strong intraday reversal, the bulls got some more reprieve today. The big picture remains an open question for me. We’re under the large head & shoulders pattern’s neckline:
I would expect that neckline to serve as a magnet.
What we do when and if we get there will tell us much about whether the bear is back or not.
Now we came close to—but not actually to—the 200-day SMA. And that will remain a risk in the short-term. If this local structure collapses and things deteriorate quickly, that is a place we can still go to and test.
I hope everyone has a fine evening.