So today’s close was a pretty small green close. It was up and down during the day. In the end, it closed green. However, it’s riding into the wedge corner. It’s going to have to break up or down.
The down trend line (blue) is holding. The up trend line (blue) is holding. Tomorrow should break out of the almost symmetrical triangle. If it breaks up, then it will have to break thru and closed above 8950 level to be bullish. If it breaks below the ascending trendline, it will probably head down to 8380 support line. If it heads down, it will also be possible to break below the other support lines. It will need multiple days to do that.
In the short term, it would appear the path of least resistance is down. Mainly, because the bailout should be announced by tomorrow. Once it’s announced, the market will probably closed red as the bailout was seemingly already priced in.
In other technical analysis, the price touched 50 SMA, didn’t cross it. It would seem to go down from here.
Volume was low today. Mostly, because the bailout announcement is going to help the next buy of sell frenzy in the next few days.
