Today we had a narrow range day with a reversal. A little stumpy candle. These often occur at the top of a range.Similarities with the current situation and the high of mid-June are clear. The market has just risen above the 65-Day EMA. RSI is pushing up towards 60. Slow Stochastic is pushing above 80.
None of that necessarily means that the market will reverse here. But given that it is all happening around the critical resistance area of 4500 increases the probabilities.
Price is always king. Until we break below the uptrend line from early July, the trend is still up. But the odds of a reversal are beginning to increase.
Cheers
Red
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