The market is still in its month long trading range. The odds still favor a new high, but every day that fails to get there reduces the probability.
Even if the bulls get a new high, it will probably not go far. The bears need a good reversal set-up; like some form of a double top, and a big bear bar. Then they have a chance of at least a few days of selling.
A bull breakout will probably not get far. A bear breakout will probably reverse back up from a significant support level. See chart for targets. The market will probably reach both targets (new high and a sell off) in the next month or two. It is currently deciding which direction will be first.
Even if the bulls get a new high, it will probably not go far. The bears need a good reversal set-up; like some form of a double top, and a big bear bar. Then they have a chance of at least a few days of selling.
A bull breakout will probably not get far. A bear breakout will probably reverse back up from a significant support level. See chart for targets. The market will probably reach both targets (new high and a sell off) in the next month or two. It is currently deciding which direction will be first.
