One day of price action has wiped out the last nine days of profits.
There hasn’t been much action to speak of over those last nine trading sessions, which is why an actual sell-off is able to do such damage on the charts. However, I don’t see a lot of panic in the price action, instead just a slow, steady trickle down of selling that has taken hold of the day. I could certainly see where price could even rebound tomorrow, and this be just a one day event. Either way, right now, I am sitting on the sideline, and not looking to get long on anything today, unless it becomes painfully obvious to do so. I’ll let someone else play the risk, and wait to see how the market wants to respond tomorrow.
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