quick scare this morning with a strong move lower overnight. Prices found support around a trendline projection and have since bounced. This trendline essentially connects the lows from the depths of the pandemic, fairly simple to draw.
This does, however, beg the question of where that next leg higher is going to come from. With cash flowing into bonds and yields dropping, and with sentiment levels amongst retail so heavily elevated, seems that some reversal potential may be brewing.
The first big sign of something changing will be price action pushing below this trendline that i'm calling 'the trendline of hope.' Came close this morning but not quite there yet.
This does, however, beg the question of where that next leg higher is going to come from. With cash flowing into bonds and yields dropping, and with sentiment levels amongst retail so heavily elevated, seems that some reversal potential may be brewing.
The first big sign of something changing will be price action pushing below this trendline that i'm calling 'the trendline of hope.' Came close this morning but not quite there yet.