While we study the intraday levels, let’s not lose sight of where we are on the Daily Chart.
Namely, we’re precisely between the 20 and 50 Day EMAs as we can see below:
For quick reference, the market is uptrending with rising moving averages.
However, we’re beginning to see these daily EMAs flatten – and price is bouncing between them now.
Mainly we’re looking at the 20 day EMA into 2,356 and the 50 day EMA at the 2,341 level.
With the dojis and range days just under the 20 EMA, we’re now seeing support off the 50 day EMA.
As always, we use these as key reference areas in a compression until price breaks free of this range.
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Corey Rosenbloom, CMT
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