RSI approaching previous highs. Even though it is not oversold on the daily, mid term momentum is strong still and these levels have similarly lead to renewed selling pressure.
In addition, a strong resistance was broken on big volume and looks now to be an important supply area. Lots of big names will take profits here. it is also very common to test previous highs in a downtrend. That being said, the market has already corrected significantly. Looking to take most profits close to previous low before the market feigns a recovery and then goes flat for awhile before continuing what seems to me as the next bear market.
Too many people i know (especially institutional investors that i know personally) are denying it for it to not be a severe threat.
In addition, a strong resistance was broken on big volume and looks now to be an important supply area. Lots of big names will take profits here. it is also very common to test previous highs in a downtrend. That being said, the market has already corrected significantly. Looking to take most profits close to previous low before the market feigns a recovery and then goes flat for awhile before continuing what seems to me as the next bear market.
Too many people i know (especially institutional investors that i know personally) are denying it for it to not be a severe threat.
