It's bullish but a pullback looks possible and I tried to point out some levels. See the bearish engulfing on 1 hr. Is it a big deal? Probably not, but days consist of hours and hours consist of minutes and minutes fly.
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There's always a composite fib grid (created by the majority of the operators). There are always variations. If my lines are at the pivots I'm happy. The composite opinion is the target here for me. If it doesn't click then I'm missing something.
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So after looking at the charts today I'm thinking that 250 SPY is very likely. Will we get a p/b next week? Well, it looks plausible at this time. I'm not betting any large amounts at these levels as it's hard get a firm point of reference. It's the best not to assume anything.
I would be happy if it spiked within the next couple kf days one last time to somewhere around 2500 and then comfortable to hold short even for a longer period.
UnknownUnicorn292837
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@MartinX, It's super bullish overall so you might get your spike :) It looks like a new range might be forming up here and my strategy is also to wait for the extremes.
MartinX
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@FoggyLights, i hope it will be the last stage where unfortunatelly it will be the retail that will drag this trashbag up on the top of the hill. I was short just before the earnings and then exited at cost. The earnings were bullish but most institutional investors were not really screaming we now gonna buy this, but just marketed the bullishness of a particilar stock and most importantly noted they were happy to have bought it already before.
Is there any particular level which u are now technically looking at?
I am now also closly watching whether gold will manage to solidly break the long term descending trendline on which it is sitting right now....
MartinX
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@MartinX, oh sorry I have just noticed your other idea :-)