Bearish Momentum Slowing

Quick intra-day update as I’m seeing possible signs of a reversal on the Zero indicator. As you recall we are currently trading below the 25-week SMA and a Friday close below that would be a weekly sell signal. Technically this is something the bulls would want to avoid.

As you can see we’ve painted new lows today but the Zero is flatlining – I call that a bullish divergence. Now that doesn’t mean a pop higher here is baked in but it does put the bears on notice. As you know I’m not one to pick bottoms or tops. However, if pertinent evidence presents itself I usually present it. The first hurdle up here is VWAP and we definitely want to see a push above and a continuation higher into the close – if not and if this falls apart again then we’ll most likely see more of the same over the coming sessions.

UPDATE 2:20pm EDT: Above VWAP and now facing resistance on the 240 and the hourly:

Quite a hurdle and this is an important test for the bulls. Let’s see what happens here into the close – ~90 minutes left to go.

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Cheers,