Yesterday’s relief rally stalled into overhead resistance at the 1,990 target level.
What levels are we focusing on now within the slightly lower volatility? Let’s chart them now:
It’s logical to expect a consolidation or pause as the market takes a breather after a huge impulsive rally.
This time, price stalled shy of the 2,000 “Round Number” index level and stalled into the 1,990 region.
Internals and Momentum declined during today’s consolidation as a new short-term intraday trading range has developed between 1,975 and 1,990.
Focus on these levels on the intraday basis and be ready to trade a breakout (up toward 2,000; or down to 1,950).
Receive daily updates, planning, and education by joining fellow members of the Afraid to Trade Premium Membership (before subscription prices rise).