Two weeks later, tech is where we were...
The good news, so far we've created a higher low. The bad news, the longer it takes the more likely the level is to fail.
Back to my canary $OKTA, it seems to be holding the lower channel's midline with a series of higher lows. However, until it proves otherwise with some movement above the 9/21 EMAs, it's very bear flaggy.
The optimist in me wants to see tech move higher, but the cynic forces me to curb my enthusiasm. My expectation is for pops to continue to get sold into. When they don't we may be at the real reversal.
One more session remains in the week and four more in the month to give us more insight on where we go from here. Long term I remain bullish. In the short term until the market shows us a confirmation of direction, stay nimble, trade small, respect your stops and your profit triggers.
All my best,
+ 1 comment
🙌 stay nimble, trade small, respect your stops.