Armchair PREDICTION based on prior observations of the market behaviour. The market exists to cause MAX PAIN to the MOST number of people. I have my own reasons for this prediction based off of money inflows into funds mostly occuring on Mondays. Monday price action rarely coincides with the weekly outcome of price action. If I were wanting to inflict as much pain to the most number of people I would drive the market up to 2880-2900 ish levels and squeeze out weak BEARS and draw as many people in on the long side as we break just above resistance and see a somewhat strong move above 2890 resistance toward 3000. Then at the end of the day I would end the day with a hammer or doji candlestick. Likely the "reason" for the the celebratory rise will be the new round of PPP Funding going into effect Monday and rumors the wicked witch of the east (Kim Jung Un) is dead. Then Tues,...Bear market resumes.... causing more pain to the weak bulls and making the weak bears lose out on what would have been a profitable short trade. Red arrow is where I think we will top out. I am certainly not "trading" Monday other than to add to positions.
NOT advice here. Just observations and predictions. Have a game plan for this potential scenario....I know I do. Good luck to all.
Will revisit this Monday and Tues to see if I am correct.
NOT advice here. Just observations and predictions. Have a game plan for this potential scenario....I know I do. Good luck to all.
Will revisit this Monday and Tues to see if I am correct.
Comment:
So Tues we had a BIG reversal in the markets with SOX testing overhead STRONG Resistance at 2920 and then reversing rather sharply only to test the next resisitance at 2886 and breaking down there too. So my 2 day PREDICTION played out ALMOST EXACTLY as I laid out this past weekend. Did you profit from this?.... I did.