If it looks like it's going up - I will day trade on the long side to 160.27. If it breaks that level, next stop is 166.45.
If it looks like it's going down, those levels are 153.47 and 149.65.
With Trump's four executive orders - I think we're going up on Monday.
If it looks like it's going down, those levels are 153.47 and 149.65.
With Trump's four executive orders - I think we're going up on Monday.
Note
Friday was a case of shorts not wanting to hold over the weekend, so there was a relief from selling pressure and a little trap rally. Today we see the sell side testing the water again. Since the 20 day is up trending right now, the bar has been raised for a break in trend, the 20 day is right at about 154 now, so again a close below that line would be the first since the July 1st break and move to upside. If the break happens then I will be looking for a test of the low end of the consolidation range which was 142 to 144. The 50 day is another line to look at 134/135 so that would become a huge buy point in my book. I will just see how the close does today. Close below 154 and a break of 150 are the signals that the sell side is in control, be careful out there. None of this changes the fact that the earnings report was very good and the long term story is still in tack, but right now there is going to be a sell side/buy side battle and short term control is up for grabs.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.