Pre-Market
My note last week Thursday highlighted the index entering an overbought range.
On the same day, the index rally, then failed to hold it's highs and has since seen it's candle structure deteriorate, reflecting sellers starting to step up.
The 77200-77300 has acted as a strong resistance zone, with yesterday (Wednesday's candle structure also reflecting a loss of upward momentum.
As noted in the Monday's note, the 21-day EMA is a 'next level of interest' for short term buyers.
Below is yesterday's end of day reading via the Tactical Trading Guide.
Monday's pre-market slide is shown below. The price action aligns with the readings.
(Previous Post: Thursday, 22 August)
PRE-MARKET
Lester Davids
Analyst: Unum Capital
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