Cool. I'm thinking if we can take out last week's high at 3065.50, we'll most likely trade all the way up to 3100/3130. For now, the market is in bull-mode until proven otherwise. IMO.
My "system" is not good enough to project levels, but it says very high probability (80%+) that markets will be lower by this Friday than the current levels. I should be 100% short based on data, but am squeamish going against the Fed like that, so 25% cash and 75% short (Financials, IWM, SPY). Based on this bias I day trade in and out of IWM and SPY. EOD analysis to update and change market views as needed. caution: only in the market this time for a little over two months. Last attempt was when I was a failure in 08 shorting housing market one year before the crash
Interesting. What kind of system are you using? A statistical one of some sort? I think everyone is a bit cautious shorting this market. Regardless, I think we'll have enough time to join the short side when the next sell comes, so not trying to pick a top in advance.
yes statistical. own version of relative strength, price-vol (similar to TRIN), market breadth and correlation of daily returns.
As the equity markets meander today, the crude oil market looks to be heating-up again. It appears more production cuts are needed to avoid an inventory glut. WTI crude (CL) was up last week ($35.77 high), but now has come down a bit on news of another OPEC meeting regarding production. https://markets.businessinsider.com...ibility-extension-cut-price-2020-6-1029268889
Nice ascending triangle on the 60. Looks like NQ will be the leader today though. Its chart looks much cleaner