I have been 100% neutral on the market after closing 2/3 of my short position from 2942 at 2810. Since going neutral, we got a nice bounce off the lows and have been stuck in a range since. There are reasons to look higher as well as lower. Why guess? You don't have to be in a trade every day! You want to get into trades that have the odds on your side. When you have "Time" looking for a reversal--"Sentiment" at extreme bullish/bearish sentiment at highs/lows-and "Technicals" where to look for the reversal as well as a trade trigger. We honestly have none of them in place right now, so we stay neutral and wait for the proper set up.
The bulls need to get above 2869 and the bears need to push below 2829. Until we see that, up/down is a 50/50 coin flip for direction short term. Even if we get the break, there is resistance/support right below that-so not a lot of meat on the bone. I prefer higher before lower, but will let the market do what it is going to do. Morning notes will be out next--be patient, the "Kill Zone" is quickly approaching! That is when the 200-400 spx moves will hit. G
The bulls need to get above 2869 and the bears need to push below 2829. Until we see that, up/down is a 50/50 coin flip for direction short term. Even if we get the break, there is resistance/support right below that-so not a lot of meat on the bone. I prefer higher before lower, but will let the market do what it is going to do. Morning notes will be out next--be patient, the "Kill Zone" is quickly approaching! That is when the 200-400 spx moves will hit. G
