This looks just like a break of resistance. It looks like the next price target could be $1800, but it doesn't make sense. Admist a gov't shutdown and many potentially damning testimonies coming, there's just no way it's going to get bullish again. Are we honestly going to sit there and think that companies are going to report earnings above guidance during the middle of a trade war? No, next month is going to be brutal for earnings #'s, it's just a question of if that brutality is priced into the current environment or not. If you took a look on here yesterday nearly EVERY Index related chart was bearish, that's likely why the market was red. Market makers hitting the stops of everyone that was short, aka stop hunting.
Regardless of what I think, if there is one more bullish close on this there will be no denying that it's a buy signal, but my stop will be VERY tight on any entry.
Regardless of what I think, if there is one more bullish close on this there will be no denying that it's a buy signal, but my stop will be VERY tight on any entry.