Wednesday 7/23 .... Flirting with the edge...

Some traders consider the breaking of the lower line of the trend channel an indicator that prices will move lower.  This is still sort of "on the edge" of being a violation, but if it moves a tick lower, it could be an indication of persisting weakness.  

At other times, this van occur when the line is getting ready to "bounce."  Notice two prominent "humps" in the curve so far today.  Given that many market technicians believe that "things come in threes," the possibility of a bounce is decent as well.  Either way, the next 30 minutes will tell us a lot about the rest of the day.