Oversold Relief Rally?

Yesterday’s gap hurt…Ouch! But we should not have been surprised, the current trend has been a sleuth of bears, and they were hangry. The bears have run the lows lower until they broke the 50-SMA and then gaped smack dab on the Fibonacci 23.6 retracement line closing at 280.86. The futures are up a bit this morning, and we are oversold so a relief rally may be in the cards, but a true run for bullishness will need a pattern such as a low/high higher low/ higher high or a bullish 123 step pattern.

Our bar chart is still strong into a downtrend. The closing price yesterday is about halfway between the 50-SMA and the 200-SMA, the battle is on, the sellers will fight for the 200-SMA and buyers will fight for the 50-SMA.

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