Judging from the angle of attack on the SMAs, we can see that the momentum that was built up over the past week has been lost.
The PPMs second that as well. We can see that the PPMs are all predicted to head down after today's session.
Considering none of the PPMs are in trend mode yet, this means momentum has been lost even before it could start.
I don't think there will be a massive sell off after today's session though. It looks to be more of a range-trading scenario where price tries to find a range to settle down in over the next few trading sessions.
That said, on the weekly chart, this week is looking to be a down week followed by a move up to test the 21 SMA. Still, that doesn't change the fact that both the PPMs 1 and 2 are in down trend and below at least one derivative. So bulls should still be at least somewhat tight with their stops.
The PPMs second that as well. We can see that the PPMs are all predicted to head down after today's session.
Considering none of the PPMs are in trend mode yet, this means momentum has been lost even before it could start.
I don't think there will be a massive sell off after today's session though. It looks to be more of a range-trading scenario where price tries to find a range to settle down in over the next few trading sessions.
That said, on the weekly chart, this week is looking to be a down week followed by a move up to test the 21 SMA. Still, that doesn't change the fact that both the PPMs 1 and 2 are in down trend and below at least one derivative. So bulls should still be at least somewhat tight with their stops.