On the 6 time frames I watch, We are below the 50 EMA (Orange) and 200 EMA (Purple) for every one, except for the weekly. Currently sits at 3143.
Over the past week we have failed everytime to get over the 1hr 50 EMA.
Unless we can get above some 50 EMA supports, we are going to go down until we find support. The only thing below us at the moment is the 200 EMA Weekly, which we haven't touched since 2014. The last time we touched it, we took off and haven't seen it for 4 years.
Might have to pull up the monthly chart if that support fails.
The monthly pivot for December sits at 4655 right now. Every month (except for May), we have traded through the pivot at some point during the month. Should be a sign of some relief in December.
Over the past week we have failed everytime to get over the 1hr 50 EMA.
Unless we can get above some 50 EMA supports, we are going to go down until we find support. The only thing below us at the moment is the 200 EMA Weekly, which we haven't touched since 2014. The last time we touched it, we took off and haven't seen it for 4 years.
Might have to pull up the monthly chart if that support fails.
The monthly pivot for December sits at 4655 right now. Every month (except for May), we have traded through the pivot at some point during the month. Should be a sign of some relief in December.