So, this is a do-or-die moment for bulls and bears. If bulls could turn it back up over this week's high, then they could have a bull nest underway and launch a strong rally. If bears can keep pushing lower and break 4953, then they will be getting into the ballpark of a possible impulsive decline, which could signal a larger trend change. The upcoming sessions could thus be important for setting the intermediate tone of the market.
And the market's gone nowhere since then, largely ignoring Fed Chair Jerr Ohm Pow Well's statement that there had been a distinct "lack of progress" on inflation, while keeping rates steady.
Accordingly, there's been no real change:
Are there patterns where bulls could marginally exceed 5124, but that then turn out bearish? Or patterns where bears marginally break 4953 before the market reverses higher? Certainly, on both counts. But those remain the best levels we have for the time being. Trade safe.
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