Long term still in a clear downtrend with the trend line resistance now at 11200, dropping with 300 ticks every day.
Horizontal support comes in at 9450 and 4/1 fan from GannFan. Lots of negative tech comments out there though support still not broken.
Once broken (9450) it needs to accelerate from their to comfort the bears this is followed by significant volume, which would confirm the market is capitulating.
It could fall back all the way to 6350, the (red) 8/1 fan.
However, a failure of breaking 9450 would cause a squeeze higher. Knowing the downtrending resistance line is not far away (11200 today 24/2) this could quickly backfire bears.
For now bears are in control, but they need to finish it off at 9450 with volume. Good luck!
Horizontal support comes in at 9450 and 4/1 fan from GannFan. Lots of negative tech comments out there though support still not broken.
Once broken (9450) it needs to accelerate from their to comfort the bears this is followed by significant volume, which would confirm the market is capitulating.
It could fall back all the way to 6350, the (red) 8/1 fan.
However, a failure of breaking 9450 would cause a squeeze higher. Knowing the downtrending resistance line is not far away (11200 today 24/2) this could quickly backfire bears.
For now bears are in control, but they need to finish it off at 9450 with volume. Good luck!
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