Once again, prices rallied overnight, only to find resistance and work lower to sideways for the remainder of the trading session thus far. The bias is mixed to sideways as I am typing this up. Prices will likely try and fill the gap and that target is down at 7267.00. If and when that is filled, we could see the rally resume, as prices appear to be trying to find a bottom for now. Expect mixed trading at times no matter how the day plays out, and we could even see the trend continue lower, so make sure you follow the price action and do not trade what you think or expect. For now, the trend and bias are mixed to mildly down.
Mack’s Daily Chart with the Envelope Bands/Strategy.