The week has started from a bullish retracement. From a technical perspective we see a back test of the channel mid and eventually a back test of the broken multi-day balance. The sentiment remains bearish. A retest of the previous session high would be a warning sign for the shorts. My expectation is to see a holding pattern ahead of the inflation data. Being in the upside channel is bullish and this is the reason the market is being resilient and does not drop like a rock after breaking the balance.
8/7/2023, pre-market
8/7/2023, pre-market
