Q’s managed to drop to the lower rising trend line and then bounce right off. This could mean, though I’m doubtful, that Q’s could push to the upper rising trend line. That would be a hell of a move but with the daily charts still looking sickly I’ll have to see it to believe it. However, Bears had a chance today and failed to capitalize so this may embolden Bulls over next few sessions.
You really have to be careful here trying to pick a bottom, especially since the daily charts are still screaming “Avoid.” Everything I’m looking at suggests that the action this week is little more than a dead cat bounce/short squeeze, but if the daily charts begin to firm up, then I might change my tune. We’ll see about that.
Seasonality is all wrong. Markets should just swoon into the horse latitudes from now until the end of summer, or famous last words.