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The market is trying to crawl back from yesterday’s selloff. First step, it needs to clear 5933. Or failing that, it merely would need to end the day above 5925 to clear the downtrend channel. Additional resistance awaits in the 5960 area. Then 5970-80. If it rolls over instead, the first significant spport line is around 5890.
Those are the parameters I’m watching for today. But if truth be told, this range has been crossed so many times, that willy-nilly trading within the range is just random noise.
Hourly oscillators are trying to make a bottom here, but if they turn down, the configuration suggests that a selloff that starts from here could trigger explosive diarrhea. Sort of like what the Danes or Panamanians must be feeling after hearing Donald Trump threaten to use US military force against their countries.
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