July 13th, midday analysis by the boss

The morning action first tested the 636 support, then saw a brief rebound that pushed up to 644 with a wick that tempted longs. The shorts immediately opened fire and sold aggressively all the way down, with the chart continuously setting new lows. The lowest dipped to 624, then briefly bounced slightly to 628. In line with the morning analysis, after breaking below the mid-band, the market will likely continue the pullback trend.
Technicals are thoroughly weakening: both the hourly and four-hour charts have broken down. Price has directly fallen out of the lower band of the Bollinger Bands, confirming that the short-term bearish trend has been established. Now the priority is to follow the trend, trading from a bearish bias.
Although price has already touched the 630 short-term support, after an oversold move it’s easy to see a quick short-term rebound. Make sure to set take-profit and stop-loss.
Resistance above: 630-644
Support below: 620-610