Uptrend line from march low is being tested/broken here following the late in the day (EST) H&S. We'll see how it does over night, maybe it catches a bid here, if not...see the volume spikes below. 3100-3120, 3040-3060...we could trade those by friday easy. There is plenty of YTD supply up at the 3250 area still...and the big volume level below is 2800. I'm short with a June 6/19 300p from .95. hit 1.28 today, I'm looking for more.
This level holds and we're in for a overextension/trend correciton type drop. If we fall fast, I could see us catch a bid ahead of earnings. If we grind lower...look out....Q2 earnings season could be a serious negative catalyst.
Happy trading.
This level holds and we're in for a overextension/trend correciton type drop. If we fall fast, I could see us catch a bid ahead of earnings. If we grind lower...look out....Q2 earnings season could be a serious negative catalyst.
Happy trading.