Market View 20230824

Yesterday, we saw a large reversal candle but it couldn’t stay above the 55 moving average. Will it succeed today? Let's find out...

Yesterday also brought with it some other euphoria, the landing on the moon by India, on the south pole of the moon. This puts India as the 4th country to land on the moon, and the 1st country to land on the south pole.

Seeing yesterday's movement, I'm inclined to the positive or at least sideways movement going forward. And I'm wondering if this will be until the next elections in India. That would be good for straddle and strangle players i.e. non directional.

But there is that gap below that gets me itching to believe that it will be filled. Slower the better, because then we can manage non directional positions better!

And if we look at where we are from another perspective, we'll see that we're back to that zone (previous gap fill), but not breaking out of it.

9:27 AM

So we have a gap up this morning, which not only crossed the 55, but also the 21 moving average. This is bullish, but also looks like an attempt to prevent a death cross:

If we stay above 44676 we should be okay... but we're not seeing a strong candle, yet.