Yesterday I remained bearish, but expected a small rally to re test the 200 day SMA. We broke down well before that and the bearish momentum continues to build. The last couple candles indicate to me that we will be heading back down soon. The next area of support should be $7,735 - $7,750 which is where the profit target would be for a short position. Stop loss would be set slightly above $8,400. My stack is currently tied up in another position.
Happy Trading!
Happy Trading!
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