Why are you disregarding earnings on August 4th? The use of psar is helpful and a good technical to follow. It is pretty obvious that it has been on a downtrend even though we have a little bounce to 90 a couple weeks ago. The chart simply didn't have enough steam.
My forward looking vision is we must touch 77.90 area. I don't see going below that or the chart would lose its bullish appeal. There is a gap just above that that needs filling and just below that is an important area of support.
Even in a downtrend to 77-79 area the chart is still very bullish. I see this getting ready to make another significant move sooner than later. We are starting to enter a tighter range inside of the pennant.
I feel like a 5-7% correction may be possible for the overall market which would be the percentage we would need to fill that gap and test support. However, we have touched and bounced off the 50 once recently and if that happens again all bets are off.
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