so far today i’ve seen a lot of those recent bear-flags and pennants breakdown today only to have prices snap back up inside the pattern, which creates a potential bear-trap. some of that patterns are still in play with prices re-testing or close to re-testing from underneath but this is something to continue to monitor. we still have some potentially market moving economic reports out tomorrow so best to keep things light for now since the markets are very whippy right now. personally, i’ve taken some long hedges which i might add to or remove depending on how the market trades tomorrow morning. XLF 60 minute chart shown.
