Something very bearish just happened to today.
The dow closed below it's
weekly 50sma
Daily 200sma
Monthly 21ema
And most importantly .236 fib..
.236 are reversal areas , if the dow doesn't reclaim 32,500 tomorrow we are most likely headed back to 30,000 Via double top
Watch for a retest of this level. If you notice today the dow tried but couldn't break over 33,000 at the same time Spy got rejected at 401.50 and qqq 301..
The dow closed below it's
weekly 50sma
Daily 200sma
Monthly 21ema
And most importantly .236 fib..
.236 are reversal areas , if the dow doesn't reclaim 32,500 tomorrow we are most likely headed back to 30,000 Via double top
Watch for a retest of this level. If you notice today the dow tried but couldn't break over 33,000 at the same time Spy got rejected at 401.50 and qqq 301..
Note
As long as this stays under 32,500 consider every poo a dead cat... Over sold on the 1-2 hour time frames so expect some chop ....Note
Falling wedge here.. still bearish under 32,500 but things are oversold and we could see a popNote
I warned you about .236 fib..
Rejected there, next leg down has begun, target 30k or white trendline support..
Watch IWM for a breakdown in 170 for conformation here.
Note
Looking for a pullback to 31,800 should we reject again on 32,500
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.