Nothing about these 2 charts suggest we’ve hit a bottom and that we’re going to bounce. If I was a betting man (which I’m not ironically) I’d say were going to see some serious resistance near the 200ma. Maybe we pop slightly higher, but I have a hard time seeing that happening.
Today’s pop higher did nothing but close the gap from 2 wks ago. If we start to roll over, this could get ugly, fast. However, I have to be aware that this rally could surprise me and I’ll be watching for accumulation signs.
