The downtrend is still very much intact. Preliminary numbers from Friday show an -8.8k drop in open interest across all months in the ES.
A sharp rally after a downtrend, coinciding with a drop in open interest, indicates a short covering rally. Buyer beware!
A sharp rally after a downtrend, coinciding with a drop in open interest, indicates a short covering rally. Buyer beware!
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Asian open gapped down, below the crucial 4300 level. Lookout below!
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A near perfect test of that downward trendline again this morning, and here we go. 4300 is still a crucial level. Notice how many times the market has tested below this level, but closed back above it. Another close below this level would strongly suggest trend continuation to the down side.
That being said, we have a slew of economic reports and Fed chair testimony the rest of this week, so things could turn on a dime. Keep your wits about you, and be open minded to changing information.
That being said, we have a slew of economic reports and Fed chair testimony the rest of this week, so things could turn on a dime. Keep your wits about you, and be open minded to changing information.