From the desk of Steve Strazza @Sstrazza
Thank you to everyone who responded to this week’s mystery chart.
We had a lot of “do nothing” responses this week, many of which were caveated with the fact that the structural trend is lower, thus anticipating an eventual breakdown but waiting for more data to come in to confirm it first.
We also had a number of responses with conviction to buy the test of support and plenty of others who wanted to sell into it or “look to get short.” The majority took a neutral approach, preferring to see how prices react at this key level of interest before choosing a directional bias.
I think that is the most prudent thing to do in this situation as well, so with that as our backdrop let’s take a look at this week’s chart.