After 6 straight days of setting higher highs, in which each of the green days was >1% (a very rare occurrence historically), bulls simply ran out of steam putting in a mini-dip so far. This is not surprising whatsoever given the run we’ve had. While I was thinking price had 1 leg left to 4565, the energy simply was not there (RSI too hot as I’d written about) to sustain above the 4495 resistance level.
As I wrote about a few days back, the 1st pullback after a breakout is *very* important. Every breakout has a 1st pullback, and what that pullback looks like (and more importantly - what levels it holds) determines whether we have a genuine breakout or this is simply a bounce to setup another leg down like we had in February. I’ll get into what I think today, and why