Didn't take much for the bears to erase yesterday's rally, the Dollar perked up, Gold is on fire, and Oil can't catch a break. The Q's did put up a fight to stay above $29.50, and it closed just below a 38.2% retracement from our counter-trend rally in place over the past 7 sessions. The open gap this morning chopped around S1 (also VWAP) all morning before turning lower around noon. Support was found around $29.60 (previous resistance) where we saw a double bottom (coinciding with a bullish momentum divergence) which brought on a counter-trend rally back to VWAP (where a bearish momentum divergence took price back to test support, where we ended the day). On the 15-minute chart we got a 20- & 50- EMA crossover (ocurring at today's double-bottom) giving us a bearish orientation, and oppotunity to short price retracements to these MA's (as occured later this afternoon). Though we need to proceed with caution, as today's 38.2% retracement could be a double-bottom, bringing prices back up to test the $30. - $30.50 range. Now take a look at Gold, the U.S. Dollar index, and Oil:
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