Turns out that we did indeed see support hold today in the low 1060s, it just happened very methodically. I expected what took the entire day to play out, to happen perhaps in the first hour of trading. The fact that we didn't see the low come in until noon led me to believe that we would probably see a retest of the low on the first up-tick into resistance. That didn't happen as the market churned upward into the close. I had a short on from 1066.50 that went against me for the entire afternoon. Read my comments in the previous post to see how I dealt with it and managed to even come out with a profit. I would have liked to have faired better, but I am happy under the circumstances that I didn't lose money.
So what does today's close mean? Well there is certainly nothing positive about it. The market tried on numerous occasions to get back above 1071.50, but it couldn't do it. The fact that resistance held there shows that there was no lack of supply. I remain biased to the short side and fully expect a retest of the low 1060s. We'll see how the futures trade on Sunday evening to gain some more insight into how the market will open on Monday. If the market Gaps up on Monday, I will reconsider my short bias. Until then, enjoy the weekend.
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