Its been a busy week and a half for me so regretfully this is the first chance I have had to talk about the market since my last post. Price action has been bullish as expected. Friday the 17th and Monday the 20th were significant because they represented a breakout above the highs of a three-plus month trading range and confirmed the positive momentum. Action has been dull since then with tight trading ranges as the market pulled back last week until seeing more buying last Friday and a push to an even higher high last night.
It will be interesting to watch what happens next. We need to keep an open mind to take advantage of pull-back opportunities. The 1100-1102 area is an eventual target and so timing a short entry correctly will be key to capitalizing on that move. There are no indications yet that suggest shorting the market, but I will hopefully have the chance to follow the market enough this week to see if that opportunity arises.
In the immediate time-frame, the 1138-1140 price range on the ES is a target. If that support does not hold, look for a further move down to 1131-1133. I am a buyer if we do get there today. If 1131 does not hold, look for a further move down to 1120 this week.
If the 1140 support holds this morning, look for a retest or a pierce of the overnight highs at 1149-1151.
No major news until GDP report and jobless claims on Thursday.
Overall still bullish. Continue to expect slow moving choppy market.
I am still traveling, but I will try and make some additional posts this week...
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