This was my comment this morning.
On Dec 12 I had in 2 charts pointed out a potential route to a squeeze or a breakdown. We got the latter. Here we are bouncing of some fib support. Question is, do we continue lower sub 2600 or higher. Given how whippy the market has been, I am just going to say that as long as it stay below 2652 or so, better to look for short opportunities. There are targets below around the 2530 area. One step at a time. For now, 2583 is the line in the sand.
We coud not get past the 36-37 area and kept selling down to the sub 2600 level. We have respected the channel thus far. Difficult to make any prediction but suffice to say that crossing 21.5 or so is the first step in getting to higher targets. Next week is Quad witching so one can expect a lot of back and forth to chew up theta. There are targets below in the 2560 and 2530 area. Sunday evening will reveal more. My hunch is a slow grind up, keeping bears watchful and bulls hopeful. 2652 still remains the area for further upside.
On Dec 12 I had in 2 charts pointed out a potential route to a squeeze or a breakdown. We got the latter. Here we are bouncing of some fib support. Question is, do we continue lower sub 2600 or higher. Given how whippy the market has been, I am just going to say that as long as it stay below 2652 or so, better to look for short opportunities. There are targets below around the 2530 area. One step at a time. For now, 2583 is the line in the sand.
We coud not get past the 36-37 area and kept selling down to the sub 2600 level. We have respected the channel thus far. Difficult to make any prediction but suffice to say that crossing 21.5 or so is the first step in getting to higher targets. Next week is Quad witching so one can expect a lot of back and forth to chew up theta. There are targets below in the 2560 and 2530 area. Sunday evening will reveal more. My hunch is a slow grind up, keeping bears watchful and bulls hopeful. 2652 still remains the area for further upside.