Chart Details Price on Daily broke out of banana pattern. Bullish EMA cross on Daily should occur with Daily close over $12.81 Weekly trend very close to bullish flip. When this occurs, $14 conservative price target. 10WeekMA cross around $13.50 should continue to fill gap at $15.
Opinion We are long overdue for a pullback. Coronavirus now in 4 countries. Hong Kong on lock-down. Gold and Silver looking bullish as well. Next week 1/27 is going to be the biggest week of earnings. BA, AAPL, MCD, etc. If AAPL misses earnings, there will be repercussions due to market cap of the company and being overpriced.
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I bought a lot of this between $12-13... keeping an eye on it, ty for post!
SPX first support around 3250; sharper correction might carry to 3100ish. I don't expect more than ~5-6%, if it forms an ABC correction first A leg might be only 2-3% IMO.
NB: Last week parabolic typical of short squeeze with forced covering on margin calls. Short interest is much less after the buy to cover moves; drop will be sharp without shorts left to cover IMO.
A small covering rally on Friday PM was pretty weak, suggests prices could go into a brief freefall to lower support, just a guess, always keeps us guessing!
SPX first support around 3250; sharper correction might carry to 3100ish. I don't expect more than ~5-6%, if it forms an ABC correction first A leg might be only 2-3% IMO.
NB: Last week parabolic typical of short squeeze with forced covering on margin calls. Short interest is much less after the buy to cover moves; drop will be sharp without shorts left to cover IMO.
A small covering rally on Friday PM was pretty weak, suggests prices could go into a brief freefall to lower support, just a guess, always keeps us guessing!