- The Opening Print
- Posts
- Bulls Need to Regain Key Levels or Risk More Losses
Bulls Need to Regain Key Levels or Risk More Losses
NVDA gained $100 billion in market cap yesterday
Danny Riley
August 22, 2023
Follow @MrTopStep on Twitter and please share if you find our work valuable.
Our View
The long and the short of yesterday's trade was there was no downside attack and 4350 remains the low of the move.
Will that be the low and will the ES start going back up again? The answer is, it already has to some degree. When you add everything up, the overall price action can change on a dime.
That said, the pullback was steady and on Friday it became swift. We were due for an oversold bounce, but we need to see if this is a bounce that regains momentum or if it’s just a rally to be sold.