The SPX saw a juicy +1.83% bounce today after the past few weeks of downward action.
Things to note:
- broke back into BF channel
- attempted to break 9SMA (will see if it happens tomorrow or Friday)
- price action still below major SMAs which is bearish
- 1st bull target still @ $4050 gap
- bear targets unchanged, see chart
Just as with the NDX, my LT thesis remains unchanged. Prices can always go a whole lot HIGHER & a whole lot LOWER than we think, so be patient.
If the prices start to retrace higher, that would be completely normal. Draw some fibs, chart out the resistance areas, make some smart plays.
If we see any major moves to the upside, I will likely take profit on my longs/CALLS & add to my shorts/PUTS.
Always remember to be patient. The market ebbs and flows & takes time to get there.
Things to note:
- broke back into BF channel
- attempted to break 9SMA (will see if it happens tomorrow or Friday)
- price action still below major SMAs which is bearish
- 1st bull target still @ $4050 gap
- bear targets unchanged, see chart
Just as with the NDX, my LT thesis remains unchanged. Prices can always go a whole lot HIGHER & a whole lot LOWER than we think, so be patient.
If the prices start to retrace higher, that would be completely normal. Draw some fibs, chart out the resistance areas, make some smart plays.
If we see any major moves to the upside, I will likely take profit on my longs/CALLS & add to my shorts/PUTS.
Always remember to be patient. The market ebbs and flows & takes time to get there.