The reality of the situation is that the markets are acting normal. It's the tremendous microscope that is hanging over the markets these days that has seemed to bring back a lot of the fear and when we look to read the fear we turn to the $VIX. I spotted a interesting level that lines up with each recent pullback in the market. It is not foll proof but it adds to the opinion that I think we move a bit higher before we see if this recent run is a bearish channel bounce (I am staying away from saying bear market bounce cause that is not the case yet and especially after the last 2 days. The $VIX could hold some clues. The fantastic Candlesticks that was put in the last 2 sessions are also adding to the bullish bias. This type of candle has proven to be the beginning of larger moves higher. The key now is to see if we fail the move to new highs this will probably happen at one point considering the break down through previous lows. Going into next week I am looking for a better opportunity to get back into the SPXU but want to see at least a failure and cross back down on the daily stochastics. Look at those candles above ..Its hard to not expect some follow through Bad news of course will derail the train fast so the risks are out there but I feel it would have to be more then a debt ceiling debate. Going into next week I am extremely bullish in $GIS and $PG also there are very strong charts in ACT and DLB
hey Redneck that is me on the video $GIS Great trade off of the watchlist. Take profits if you got em! https://www.tradingview.com/v/iRF0P9Sb/ SAM Chart Bounty. Another profit booked from the watchlist https://www.tradingview.com/e/IxPGNrtH/
sto can be good in the right context, but then so can macd, cci, rsi, etc. Context is everything, and you would think it should be obvious...... Someone once said something about putting the charts on the ground, standing on your desk and only trading if you can see what's happening from 9 feet away....... (back in the days before computerized charts, lol)