We opened gap higher today, but sellers
controlled the day as we closed near the lows.
The 10 DMA served as resistance for the 2nd day in a row. I'd like prices to stay above 1917, which is
the 50% retracement level between today's high and last Thursday's low. This would maintain a healthy correction and
anything lower would become more bearish.
Also, the latest COT report shows large traders holding near record
shorts, which is a bullish indicator.
This is another good sign of a potential bottom forming.
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