Really tough market. We are in a tight range on the daily charts. Something will pop very soon. It's not the best time to hold positions for a long time and get greedy because almost all spikes get retraced fairly quickly. I'd say it's a scalpers' market. Another option would be to take time off until we either break above this range or initiate a serious correction down to the low 50s. Hope you all had a good day despite the dominant chop.
Today the 1174 bounce was the 50% retracement of the 1156-1193 (round) move on the daily/hourly, and in RTH the 78.25 pivot was today's range 50% mark. These 50% levels have been reliable springboards all throughout this bull run. Until that pattern changes, I think we move higher.
was/am looking for that spx 1167,maybe we wil touch that tl tommorrow appx 1172, lower high lower low ,,,,durable goods, new homes ,tomorrow
Obviously filled, and out here at 83.25 for another +4.25 stopping posting trades soon for what it's worth. Can't be bothered. Good luck, kids.
I'm certain every trader in the universe has seen the aforementioned large H&S.....however wouldn't this last run up(sep/oct) pretty much negate that as a technical "tell"?
i was looking at the 87 ,3 step pattern and noticed a head and shoulders at the end and then noticed the same on the current weekly,that's why i posted it ,the similarities are pretty strong