Consolidation, upside bias
Day trade update and view
A Tuesday consolidation after Monday's strong advance through .6990 resistance to .7010, to reject Friday significant sell off that held above the key .6855/44 support area at .6866, to restart bull pressures seen since the latter July rebounds from .6875 and above our .6844 support from .6855, plus from the strong mid-July advance through key .6875/87 resistances (for an intermediate-term bullish shift), leaving risks to the upside Wednesday.
Day trade setup
- We see an upside bias for .7010; a break here maybe aims for .7047 and .7069.
- But below .6866 very quickly opens risk down to key .6855/44 supports, maybe .6799/90.
The mid-July push above key .6875/87 resistances signalled an intermediate-term shift to a bull trend.
Upside risks: We see an intermediate-term bull trend to aim for .7069 and .7283.
What changes this? Below .6855/44 shifts the intermediate-term bull trend straight to an intermediate-term bear trend.