Same chart that I posted yesterday now with updated data...You can see how we hit the exact support I had marked as important and bounced up from there...I tried a small long there and still holding...Looks like we will continue the bounce today for sometime but how long will it continue? Will it hold? Lets see...My thoughts would be that atleast a retest of the lows are coming very soon...Looking to close the longs sometime today maybe at 4760/4780 and wait and watch...I might try a short also today around there based on what I see....
Overall market is very far from strong..Right now the configuration has changed to short the bounces....Market needs to go above 4800 first to indicate some strength...Till then we have to give the benefit of the doubt to the bearish case. Today for the bulls, a positive close is very important. Yesterday we formed what could be a bullish hammer - But needs a good closing today to be valid...Else it was just weak shorts covering.
Have a good trading day.
Best.
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