Major Pullback2 is marching down
Yesterday we wrote: “We want to call your attention to the price range between the new Support1 and Resistance1. Those are the highs and lows of last Thursday 8/8. We think that bulls and bears may spend one more day tomorrow Monday battling it out between each other.”
The battle did happen this morning, and for a while, buyers and sellers were stuck in a narrow zone. However, once prices slipped below Support1, selling momentum started to take off.
Updates from market internals
NYSE and Nasdaq Advance Decline lines continue to head down, along with the percentages of bullish NYSE and Nasdaq stocks. Market breadth is certainly confirming the bearish actions.
The rest of this article covers:
Updates from market internals (more)
Support and resistance levels
Low-risk high-reward trade setups to consider
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