Yesterday the S&P cash got to 1312.88, leaving the gap at 1312.62 exposed by mere ticks. There was a bounce, but it was meek, and did not close back inside the range from May 17th. Any further bounce today should likely be retraced over the next few days. I have my eye on the 1326 area which is a small area of intraday Fib confluence. Much above that and I'd start to doubt my thesis.
The markets were deeply oversold and a bounce is expected. How high will say it all.
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