With the broader market closing with sig' gains, Intel (INTC) was similarly on the rise, settling +1.4% @ $32.38 (intra high 32.50). Price structure is a clear bear flag, within a giant H/S formation.. offering renewed downside to the low $29s within the next few weeks.
*I generally don't highlight the same stock two days running, but INTC is a major tech stock, and a constituent of the Dow.
Suffice to say... the fourth consecutive net daily gain, and we're right at the top of what is a bear flag. I imagine the 'wave counters' could call the recent price action an ABC move. Renewed downside to the low $29s looks far more probable than a move above what is now extremely strong resistance @ $35.00
*I am short INTC from $32.44, with sp'2122.. and VIX in the low 13s. I am more than content to hold for some weeks, not least since my position are Oct' puts.