You'd think we'd see more action with a gap down like that and fireworks poppin off in the tech space right? Nope.
But, when you take a 30k foot look at the market there's some signals that are starting to show that may have matched the relative change in attitude or sentiment today.
The most telling to me was the lack of the face ripping bullish bounce whenever we get into what should be a demand zone. We traded into the breakout area, but stayed put. And we also didn't trade away from it. The buy the dip crew got caught in traffic or something. This is strange. Usually they're johnny on the spot when they get that phone call. What does this tell me? They're waiting for lower prices.
5m showing a gap down, peak below support, trade away, test of support, trade away, a peek BELOW support, trade away out of a falling wedge at this point, a retest of that downtrend line, and trying to trade away. But they didn't get far in every instance. It's true, the intraday price action was bullish. Especially with a daily close above support.
But, when you take a 30k foot look at the market there's some signals that are starting to show that may have matched the relative change in attitude or sentiment today.
The most telling to me was the lack of the face ripping bullish bounce whenever we get into what should be a demand zone. We traded into the breakout area, but stayed put. And we also didn't trade away from it. The buy the dip crew got caught in traffic or something. This is strange. Usually they're johnny on the spot when they get that phone call. What does this tell me? They're waiting for lower prices.
5m showing a gap down, peak below support, trade away, test of support, trade away, a peek BELOW support, trade away out of a falling wedge at this point, a retest of that downtrend line, and trying to trade away. But they didn't get far in every instance. It's true, the intraday price action was bullish. Especially with a daily close above support.
www.tradingview.com/chart/cuqQI4em/