A few important notes here:
We failed to sustain 3500 thus far after 2 breaks above trend and about 10 tests total of the trend in the new year.
We haven't retested the low of 3400 which was only tested once/twice since the new year.
If you look at what the RSI is telling us about local momentum, we'll see more downside UNLESS we can pull off a 3500 retest, which the market is aiming to do, but is looking rather weak. RSI avg (yellow) hasn't broken below 30 so it looks like an impulsive and risky buy here, rather than a safe buy.
We failed to sustain 3500 thus far after 2 breaks above trend and about 10 tests total of the trend in the new year.
We haven't retested the low of 3400 which was only tested once/twice since the new year.
If you look at what the RSI is telling us about local momentum, we'll see more downside UNLESS we can pull off a 3500 retest, which the market is aiming to do, but is looking rather weak. RSI avg (yellow) hasn't broken below 30 so it looks like an impulsive and risky buy here, rather than a safe buy.