Getting close to two big targets.
1 - the inverse H&S target of about 197.50 created from the bottom two weeks ago.
2 - the multi-year trend line that we lost on the way down
Lots of volatility around this trend on the way down and with the Fed set for Wed, GDP numbers Thurs....could see more of that type of action.
Alternatively, during the August low prices tagged the line and ran higher. Might also get that type of reaction with a pull back down to 192. With conditions moving to overbought i see very little reason to be long right here in the short term.
A close just right under that trend line today would not surprise me. That will set up for two scenarios tomorrow i think. Another gap up open around 198.10 that gets faded into Fed announcement. Sideways actions around the 175.50 area until Fed announcement.
1 - the inverse H&S target of about 197.50 created from the bottom two weeks ago.
2 - the multi-year trend line that we lost on the way down
Lots of volatility around this trend on the way down and with the Fed set for Wed, GDP numbers Thurs....could see more of that type of action.
Alternatively, during the August low prices tagged the line and ran higher. Might also get that type of reaction with a pull back down to 192. With conditions moving to overbought i see very little reason to be long right here in the short term.
A close just right under that trend line today would not surprise me. That will set up for two scenarios tomorrow i think. Another gap up open around 198.10 that gets faded into Fed announcement. Sideways actions around the 175.50 area until Fed announcement.
