We only managed to hit 932 (short of the start of our target range at 937) before turning sharply lower on Thursday. We opened below the TD Demand line and never looked back while forming a downtrending price bar.
A move below 888.86 would threaten to turn the swing chart (orange lines moving in “step-wise” fashion) bearish for the first time since the rally began in March. Such a move would also open the door to a move towards the long (green) moving average at 858; where the intermediate moving average lies on the weekly chart. 845-853 is the target area right below that.
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