It is not unusual for the a severely down sloped market to see a sharp two day rally contra trend rally. We are seeing that now.
Savvy short term traders should look to sell any rally into the 740-750 range on Wednesday night or Thursday.
The inside day after the bottom, followed by a hook up does warrant some caution. It is possible that we could see an extension of the rally after a short pop down. The more significant resistance in this down trend is up near 800.
The down trend remains intact.
Savvy short term traders should look to sell any rally into the 740-750 range on Wednesday night or Thursday.
The inside day after the bottom, followed by a hook up does warrant some caution. It is possible that we could see an extension of the rally after a short pop down. The more significant resistance in this down trend is up near 800.
The down trend remains intact.
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