Breakout happened last week per the NASDAQ.
Things were a bit overbought and with the morning gapup, things started to stall out. There is still a lot of bears out there and they took advantage of the situation. That's what makes a market. If this type of action occurs after a long uptrend, a top is usually in for a while. But this leg has just started. Bulls are very willing to let the bears give them a better entry.
Although it is convinient to say it is Bulls versus Bears,
it is actually Bulls and Bears versus the market makers. Confusing both sides is the key to their success.
If the Bears can pull off a lower low for two days, that would warrant an reevaluation of things. Til then, going with the trend is the best way to go.
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