The late afternoon action yesterday just got too ugly, despite the fact that it was in a positive direction and that turned the signal into x30. Prices rallied to the top of the former Island bottom gap, briefly engulfing the body of the previous day’s candle. No doubt driven by pending important tech earnings which turned out to be not all that great..
Nonetheless, the late day and overnight declines suggest some reasonable bottoming action.
Next week is going to be interesting. Personally, at the moment, it’s hard to see any advantage in being long over the weekend.
