Still bullish but rally on hold

Today's closing print was back below yesterday's low, which in turn was a close back below the 20 DMA. As mentioned in yesterday's post this kind of shake and bake off of the lows often occurs before a big move. Although there are numerous big buyers that have loaded up on $MPIX, there are enough people that are here for the intraweek flip to stall out the momentum.

The lows continue to hold as do the accumulation patterns, and we are still early in the month so just watch for the next move above the 20 DMA. The more time that price chops through the 20 DMA, the weaker it gets and likewise for the 50 DMA. Remember, the news on MPIX tends to come out mid to late in the month and this is the time last year where it traded to all time highs.