So many things happening in this area. Our new shorter term downtrend and uptrend are converging.
The blue line is the markets current "trend" and price action has been reverting to this trend for several years.
We also have heavy resistance coming from the top of our long term price channel which we just bounced off of..
It will be very easy to trade this, be patient and go with what the support or follow the domino's.
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We are still holding firm in this area but I dont think it can hold much longer. There is just too much uncertainty plaguing everything. Tomorrow I believe will be the deciding day before we go into FOMC Wednesday. If we hold tomorrow I will looking more to the long side of things the first half of next week.