The Hourly Chart: The VWAP throughout the day was inconsistent but the price ended under it.
The 1M & 3M Chart: The MACD converged, blue on bottom, and appears to be on a downtrend trajectory under the neutral line.
The Bollinger Band: Hourly Chart looks oversold but looks Middle-Average on Daily and Weekly Chart.
Ceiling: Bulls need to break through and stay above $312
Time: As the market burns time off the clock by staying sideways it is building energy for the next big move. Fri options expire.
Case for the Bears: If they can drive the price below 300 and keep it below; We potentially break the 3-month Bull trend line and potentially start a new one.
Case for the Bulls: Gap above $315 and close above on the same day. Business as usual and the trend continues.
Overall Sentiment: Short-Term Neutral / Slightly Bear'ish
> $306.04 @ Open: 3-Month Bull Trend Line Maintained
> $307.30 @ Close: 3-Month Bull Trend Line Maintained
> $311.60 @ Open: Bulls Stay in Control
> $312.91 @ Close: Bulls Stay in Control
The 1M & 3M Chart: The MACD converged, blue on bottom, and appears to be on a downtrend trajectory under the neutral line.
The Bollinger Band: Hourly Chart looks oversold but looks Middle-Average on Daily and Weekly Chart.
Ceiling: Bulls need to break through and stay above $312
Time: As the market burns time off the clock by staying sideways it is building energy for the next big move. Fri options expire.
Case for the Bears: If they can drive the price below 300 and keep it below; We potentially break the 3-month Bull trend line and potentially start a new one.
Case for the Bulls: Gap above $315 and close above on the same day. Business as usual and the trend continues.
Overall Sentiment: Short-Term Neutral / Slightly Bear'ish
> $306.04 @ Open: 3-Month Bull Trend Line Maintained
> $307.30 @ Close: 3-Month Bull Trend Line Maintained
> $311.60 @ Open: Bulls Stay in Control
> $312.91 @ Close: Bulls Stay in Control