Current Market sentiment is still bullish.... the recent retracement off the recent All Time High was a welcome relief. The pullback we are seeing was necessary. I am long from the 2810/2820 zone and looking for price to push higher into Friday (Feb 2).
My overall target is 2870 into Friday, Feb 2.
I don't think this is the beginning of the correction. I believe we will see another All Time High above 2900 before the 5 to 10 Percent correction kicks in over the next few weeks.
Enjoy and Happy Trading. I am net long ES Futures and SPX call options.
@StevenBrooks, yeah had to go to sleep last night though :( , had a trailing stop still closed the position in the green. Then went long 2810 and again swapped to short at 2834. The down move this morning broke a key support. I am thinking chances are more so that we go lower, down to the next supporting trend.
StevenBrooks
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@thesilverbullet, Nice job on those trades! I had a nice day as well.. caught the ups and downs. I am getting the same feeling about the market as well... high possibility we go down to that next level of support. The market has been taking too long to break above 2840. Let's see if Apple/Amazon/Google can spark a rally tomorrow. If not we could see some nice downside. Either way we make money. :)
thesilverbullet
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@StevenBrooks, yeah, would also be nice to setup a longer term short right before we get that huge candle down. All comes down to the NFP. If I had to make a prediction the initial reaction is going to up a spike up followed by more downward pressure. The numbers are good they are just not good enough to sustain these levels in the markets. Cheers!
StevenBrooks
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@thesilverbullet, Good call Silver! Looks likes your prediction was spot on! I ended up shorting the market after the initial breach of the 2810 levels... nice ride down. We may be in store for more correction next week. Gonna be fun either way... a big bounce up or another slam down.