Bulls had a nice technical setup - basing for three days below a major resistance (4460), strong impulsive move into it, and even re-capturing the 200dma. However, a combination of bearish Russia headlines (at least, that’s the excuse) and simple lack of demand caused a major ball drop from bulls. As posted yesterday, 4395-4380 was core support of a large triangle pattern extending from January’s low and after washing below we are back in this battleground right now. Tomorrow though is OPEX day, and combining that with constant geopolitics headlines means trappy action probably ahead. I will discuss whats next today, as well as make a few points on people are getting “chopped up” in this environment (and how I avoid it)
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