Here’s what we saw:

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First some broader context: markets were facing volatility in the previous week after a big tech selloff while this gives us caution, it also can allow for big moves.

The morning started off rough, with an initial uptrend followed by a violent move down after being rejected and failing to hold the 200 MA.

We don’t try to catch a falling knife. Wait for a move. After finding some support near liquidity, it pushed up, but only briefly. It was quick to then fall back, pushing below the previous low.

This volatility typically gives us a bearish outlook, especially after that wick near the low, however, it held that low and proceeded to break through the wick and eventually fight through the 200 MA.

This was a tough trading session for many.

Did you see something else? Comment your thoughts below – right or wrong 🤝

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