Some relief is on the way with the 200 EMA/SMA calling for a touchdown in the 3990 area
The 1D chart provides confluence , with the 9EMA resting in the same area — which would be bullish if it held there
As a smaller form of this market structure played out previous to the far left of the chart , I am interested to see the interaction that occurs at this angular trendline
3735 has shown to be a line in the sand , support or resistance for trend within the megaphone pattern
We could build a base for support here or reject today
3735 was support for the previous rally until data release demolished it , then was re-tested on stop run for the most recent data release and was rejected followed by a massive drop , 61% retracement of the drop and straight back up. Now approaching 3735 again for a potential low-risk short set-up.
A break above , and holding a re-test would be cause for longs...
