Bulls Survive Breakout Day #1: March 22nd Chart and Plan

As written extensively, Friday was the most key day from a technical analysis perspective since January. For the 1st time, we broke out of a perfect down-trendline extending from the highs. Today was fairly uneventful (a basing day) but that doesn’t mean unimportant. The fact bulls “survived” the first day outside of the breakout without faking back in is a good sign. However, that doesn’t mean there aren’t hurdles with price stuck below the 200dma - a level we have struggled with all year.

I don’t think upside is done by any means (and I’ll get into why) but there may be some choppy waters first. Here’s what I’m looking for