While little changed in terms of levels or big picture view from yesterdays post, thought I’d send out a quick Friday afternoon update here and will send out a more detailed one Sunday evening as usual. Price respecting the levels nicely though “Sell the bounce” underway the past day: Target after loss of 4700 was 4650, price tried to bounce there, very weak (which was why I said its a risky area to go long blindly), then failed to 4606 next level down and bounced precisely.
Concerningly though, the 50 day moving average has been lost again only days after it was recaptured Monday. This is a fairly new development - in 2020 everytime it was lost and recaptured it never returned back to it, let alone lost it. The only time it did was September 2020 which started a deeper correction. Here’s what I’m looking for now (Chart and full analysis below)