From yesterday:
"The Bears who are using the May 19 high of 1346.44 as their stop (red arrow), which was a trendline validation of resistance, caught a break yesterday. The session high only was 1345.20, so technically, they weren't forced to buy, to cover their positions.
Personally, I don't think that it's ever a good idea to remain short an upside technical breakout (or to remain long a technical breakdown), but that's up to the individual player."
I take my hat off to any of The Bears who remained short Monday's upside breakout. They weren't stopped out, technically, and they certainly got rewarded yesterday, if they held their short positions.
The Bulls tried to hang on to support at the top of the Falling Wedge, which came in yesterday at 1331.59, but it was no good. The Bears took it down in the afternoon, well below support, and the session ended with the prior four days' closes being reversed to the downside.
Support at the bottom of the Falling Wedge comes in today 1303.85, but if The Bears take out the May 25 session low of 1311.80, that would put in a near-term Double Top: the May high of 1346.82 and the May 31 high of 1345.20, so that might be a problem for The Bulls if that May 25 low gets taken down.
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