NQ1!, Market is at an Inflection Point

The sellers made an attempt to break the channel bottom today. With a low volume and lack of participations they failed to follow up. Responsive buyers managed to reverse the entire move and push back into the broken channel. Piled shorts got squeezed. The market is closed at the resistance. Tomorrow is option expiration Friday. It may spike much needed volatility. A break of the resistance would lead to a new all time high. A downside scenario would unfold if the sellers succeed in breaking the bottom of the channel again. Despite a diminishing momentum and negative divergences there is no sell signal. Fake outs are costly for the shorts. Until the table turned around it is less risky to buy pullbacks. Bulls are in control above 8200.

11/14/2019