Support was once again tested as the bears made another push lower today. We have seen this action before – specifically, Tuesday and Wednesday of last week, when strong selling followed a bullish surge.
Although the markets have not yet broken support, they are testing it from a lower high, which by itself can be construed as a bearish sign. Confirmation will still be needed before shifting our outlook to bearish. For now, just work on building a bearish watch list.
Have a great night,
Your Maverick Trading Team
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