A ton of resistance ahead, but the bounce is more promising than I anticipated.
I'm now leaning more bullish than bearish, but I'd like to see another closing daily swing high (anything over 36100) followed by a higher low confirming the bullish trend.
The big resistance is right above from the Lucid SAR and the 50 SMA. I wouldn't hop into a long until the SARs flip and we close over the 50 SMA. The 50 SMA has played a big role in price action in the past--both holding up the price and as resistance. The last time we closed above the 50 SMA was at 58000 on May 9th!
The line of concern is at 33400.
I'm now leaning more bullish than bearish, but I'd like to see another closing daily swing high (anything over 36100) followed by a higher low confirming the bullish trend.
The big resistance is right above from the Lucid SAR and the 50 SMA. I wouldn't hop into a long until the SARs flip and we close over the 50 SMA. The 50 SMA has played a big role in price action in the past--both holding up the price and as resistance. The last time we closed above the 50 SMA was at 58000 on May 9th!
The line of concern is at 33400.
Comment:
Unable to break the 50 SMA, all weekend gains were erased. While we have yet to have a new swing low or swing closing low, we created a lower high--this is of concern.
