$429 on SPY I could tell by the last hour and a half. Plus the whales bought the Q's pretty heavy at the open today. That run on both indexes during Biden's speech was new money coming in heavy. They low volumed it down near the end just to cap the amount of itm options that just expired on both indexes.
A technical bounce off the double bottom NL would be a typical inflection point for a reactionary move.... especially to sell into...
I still don't like the longer term potential here for the long, but short term this looks like it is a decent setup for a short squeeze here for tonight. Would like to see it start to get some momentum to upside here. Taking a long here at 13943.50. If we trade much below 13928.25, will look to exit. Not sure if taking profits quickly or not, depends on action.
Eurasia gets a chance now to react to Biden's speech. Considering the US market reaction to his words, which was generally positive, one would logically think it would be positive for them as well tonight. Except the whole energy-supply problem. What a tough road to navigate.
Got stopped out in profit at 13964.50 here. EDIT: Came down to 13932.50 thought was going to get stopped out. Thankfully didn't. Nice clean trade after hours. Had a target at 13991.50, I imagine it gets there eventually but it's just not moving fast enough and don't want to have to stay here and watch this all night.
Yeah, the weekly seems to be bouncing off a trend line, plus the daily is quite far from the moving averages, so I can see a move to 14200 and then a continuation downward again.
Fwiw, I’m predicting narrow range for first half of day, and breakout in the afternoon. Anything around 4320ish looks good long to me
First uptake in momentum on Daily charts potentially here in the last 5 trading days, currently is up ticking but of course hasn't candle closed yet. Really need to start seeing some up movement soon intra-day here that holds, because momentum is still in negative trend and has been for a while, if this up tick fails to produce some more upside soon that holds this has risk to potential to go back to the 13761-13826.25 support. Need to regain 13296.25 with momentum if going to have any chance of some upside movement. I am currently flat and waiting to see if that happens here soon. EDIT 10:04 AM: Right to 13296 on that push up and failed immediately. Pretty weak so far.